2024 Personal Finance Final

The total amount of money an employee earns before taxes and other deductions are taken out is called?

 

• Gross Pay

• Net Pay

• Salary

• Budget

The amount of money an employee receives (takes home) after deductions are taken out of their gross pay is called?

• Net Pay

• Gross Pay

• Salary

• Budget

These are measurable physical and mental abilities that allow you to complete a job.

• Job Market

• Hard Skills

• McDonalds

• Soft Skills

If you can operate a machine or use a software program efficiently you would have what kind of skill?

• Hard Skills

• Budget

• Soft Skills

• Mutual Fund

We talked in class about the more skills you have and can bring to your job will increase what?

• Paper

• Drama

• Salary

• Vacation Time

Joe works at his job for 20 hours per week, he gets paid $20.00 per hour. How much is his Gross pay?

• $400.00

• $4,000

• $200.00

• $385.25

Bill works at his job 30 hours per week, Bill gets paid $20 per hour. He has deductions taken out of his check each pay period. Listed below are his deductions, What is Bill's Net Pay (take home)?

Income tax 10% is  $60.00

Medicare tax 6.2% is  $37.20

Social Security 1.45% is  $8.70

Health Insurance 3%  is $ 18.00

Total Deductions  =   $   

• $600.00

• $476.10

• $123.90

• $47.61

What kind of Economy does the United States have?

• Market Economy

• Traditional Economy

• Socialistic Economy

• Command Economy

The alternating periods of growth and decline in the Economy is called?

• Business Cycle

• Market Economy

• Supply and Demand Curve

• Wave Cycle

Who should you pay 1st in your budget?

• You

• Credit Card

• Cell Phone

• Mortgage