Unit 5 Post-Assessment Financial Skills

1. What is the term for the amount of money you make after taxes and other deductions? (5.1.1)

• A. Net Pay
• B. Gross Pay
• C. Paycheck
• D. Money

2. Which of these are common deductions taken out of a person's paycheck? (5.1.1)

• A. Federal tax
• B. State Tax
• C. Local Tax
• D. All of the above

3. Susan worked 20 hours this week. She makes $12.00 per hour. What was her gross pay? (5.1.2)

• A. $1200.00
• B. $20.00
• C. $240.00
• D. I don't know

4. Philip worked the following schedule. He makes $10.00 per hour. What was his total gross pay for the week? (5.1.2)

• A. $18.50
• B. $185.00
• C. $450.00
• D. I don't know.

5. Carina works as a hairdresser. Most of her customers pay her a little more than the charge for their haircut. This is called a: (5.1.3)

• A. Bonus
• B. Sales Tax
• C. Tip/ gratuity
• D. I don't know

6. Jamal has started a new job at a retail store. He finds out that if he has a high amount of sales, he will receive an extra paycheck 4 times per year. This is called a: (5.1.3)

• A. Bonus
• B. Windfall
• C. Extra pay
• D. Gratuity.

7. True or false, some employers take out money from their employees paychecks to cover health insurance? (5.1.4)

• A. True
• B. False
• C. I don't know.

8. True or false, each person gets to choose if they want Social Security Tax taken out of their paycheck. (5.1.4)

• A. True
• B. False
• C. I don't know

9. What is an I-9 form? (5.1.5)

• A. A form used by employers to check your references.
• B. A form that allows your employer to verify your identity and make sure you are legally allowed to work in the United States.
• C. A form that you use to tell your employer where to deposit your paycheck.
• D. None of the above.

10. True or false, you will be asked to share your social security number with your employer on an I-9 form. (5.1.5)

• A. True
• B. False
• C. It depends.