Personal Finance 2nd Period 2nd Semester - Final Exam

If income exceeds expenses, which of the following is recommended?

• Go on vacation

• Decrease income sources

• Increase income sources

• Research investment and savings options

Which of the following equations calculates net pay?

• Deductions - gross pay = net pay

• Deductions + taxes paid = net pay

• Withholdings + tax deductions = net pay

• Gross pay - deductions = net pay

Which of the following are prepaid debit cards reloaded with employee wages?

• Debit cards

• Direct cards

• Monetary cards

• Payroll cards

Mandated deductions are NOT influenced by which of the following?

• Marital status

• Income level

• Exemptions

• Age

Match the following forms of payment to their descriptions.

• Salary

• Salary

• Wages

• Commission

• Commission

• Incentives

• Incentives

• Wages

Word bank: organization, Compensation, monetary 1. __________ is a systematic method for providing __________ and non-monetary value to employees in exchange for services provided to the __________.

• Compensation 2. monetary 3. organization

• organization 2. Compensation 3. monetary

• monetary 2. organization 3. Compensation

• Compensation 2. organization 3. monetary

Which of the following is NOT information included in a W-4 form?

• Credit card debt

• Number of dependents

• Designated additional withholding amounts

• Marital status

Select all of the following which are NOT types of benefit forms provided by a company.

• Life insurance

• Renters insurance

• Retirement plans

• Health insurance

• Social security

Net pay is the total amount an employee is paid before mandated and voluntary deductions.

• True

• False

Which of the following correctly defines withholdings?

• The percentage of an employee’s yearly raise

• The legal right of an employee to earn money

• The amount of money an employee earns each year

• Amount of wages which are not included in an employee’s paycheck