OCS Economics Personal Finance Final Exam Review part 1

A ________ is a profession that someone feels passionate about that they participate in for a long time in their life span.

• Career
• Standard of living

• Education

• Benefit

The amount of money that an individual earns for work completed is called an .

• Job

• Workforce

• Income
• Training

An ______ involves obtaining and developing knowledge and skills often in a school or training setting.

• Service

• Education
• Volunteer

• Donation

The amount of money that remain after taxes and deductions are taken out that an employee gets to take home with them is called .

• Net pay
• Budget

• Credit

• Investment

A __________ is the amount of money that is regularly paid to someone for the work that they complete, typically on an hourly or completion basis.

• Workforce

• Training

• Wage
• Long term goal

Eric recently graduated from college and has a goal of owning his own home by the time he’s 30 years old. What tool should he be using to help him plan how to spend his money?

• Credit card

• Budget

• Mutual fund

• Amortization calculator

You are starting your first job and you’re asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

• 1040

• W-2

• W-4

Carlos has some extra gravel from a summer project he completed. His neighbor Dan, is upgrading his lawn mower. Dan is willing to trade his lawn mower to Carlos for Carlos’ gravel. What is this exchange called?

• Gambling

• Royalty

• Barter

In-state tuition is always significantly ____________ than out of state tuition.

• Lower

• Higher

• Equal

• Longer

What are things that we would like to have but are not necessary for survival?

• Substitutes

• Needs

• Wants

• Shelter