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WorksheetsGetting Paid, Understanding Paychecks, Ch. 1 DR and Intro to FL
Total questions: 77
Worksheet time: 18hrs 35mins
Name
Class
Date
1.
Jamie has elected to be paid by direct deposit at her new job. This means _____.
a)
She will receive her paycheck mailed directly to her each pay period.
b)
She will receive her pay directly into her checking account at her depository institution for each pay period.
c)
She will receive her pay automatically loaded onto her payroll card at the end of each pay period.
d)
She will receive her paycheck delivered directly to her at her place of employment at the end ofeach pay period.
2.
Gross income – deductions = _______________
a)
Social Security
b)
Medicare
c)
Net income
d)
Employee benefits
3.
Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?
a)
Net Income
b)
Hours and Earnings
c)
Employer Contributions
d)
Gross Income
4.
The regular schedule that employers pay their employees is called the __________.
a)
worker’s compensation
b)
pay period
c)
employee benefits
d)
employer contributions
5.
Ally learned in her Personal Finance class that some paycheck deductions are required and others are optional. She is checking over her paystub and sees several deductions. Which of the following would beTRUE?
a)
Federal Income Tax, State Income Tax, Social Security and Medicare deductions are all required deductions.
b)
Federal Income Tax, State Income Tax, Workers Compensation, and Life Insurance are all required deductions.
c)
Social Security, Medicare, Life Insurance, and Health Insurance are all required deductions
d)
Social Security, Medicare, Federal Income Tax, and Workers Compensation are all required deductions.
6.
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA(Social Security Tax).
****What is Bob’s gross pay on his paycheck?***
****What is Bob’s gross pay on his paycheck?***
a)
$501.66
b)
$320.00
c)
$576.92
d)
$640.00
7.
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA(Social Security Tax).
***What is Bob’s net pay on his paycheck?***
***What is Bob’s net pay on his paycheck?***
a)
$501.66
b)
$363.32
c)
$576.92
d)
$640.00
8.
While working at his factory job, Joe slipped on the wet floor. He went to the doctor where they told him he broke his ankle. Which benefit will cover Joe’s medical expenses?
a)
Unemployment insurance
b)
Workers’ compensation
c)
Paid Sick Days
d)
Medicare
9.
Lisa really likes her job as a flight attendant and she is getting positive reviews from her supervisor. Unfortunately, due to the state of the economy, Lisa received her layoff notice. Which benefit will cover a portion of Lisa’s income while she looks for a new job?
a)
Unemployment insurance
b)
Workers’ compensation
c)
Paid sick days
d)
Medicare
10.
Stacey is starting her new job at Hats‐n‐More. In order for her manager to know how much to withhold in federal taxes, Stacey has to fill out which form?
a)
W2
b)
I9
c)
W4
d)
1040ez
11.
A person who relies on the taxpayer for financial support
a)
Dependent
b)
Employment
c)
Independent
d)
Employee
12.
Employers may offer these in the form of products or services that add extra value for employees beyond earned wages
a)
Social Security
b)
Employer Contributions
c)
Payroll Tax
d)
Employee Benefits
13.
The amount the employer has contributed to various employee benefits
a)
Gross income
b)
Employer contributions
c)
Employee Benefits
d)
Net income
14.
Agreement between an employer and employee
a)
Employment
b)
Worker's Compensation
c)
Salary
d)
Employee Benefits
15.
Taxes paid to federal, state and local governments on the amount of money earned
a)
tax liability
b)
Income tax
c)
payroll tax
d)
medicare
16.
A federal program whose main purpose is to help pay for health care for those over 65
a)
Social Security
b)
worker's compensation
c)
Medicare
d)
Unemployment insurance
17.
Amount of money left once all deductions have been taken from gross income
a)
Tax liability
b)
Gross income
c)
salary
d)
Net income
18.
A check written to a worker in the amount of money earned
a)
Paper paycheck
b)
Pay stub
c)
Payroll card
d)
Form W-4 (Employee's Withholding Allowance Certificate)
19.
A reloadable debit card onto which a worker's pay is loaded
a)
pay stub
b)
Payroll card
c)
salary
d)
paper paycheck
20.
The regular schedule by which employers pay employees
a)
employment
b)
salary
c)
employee benefits
d)
Pay period
21.
Fixed amount of money or compensation paid to an employee by an employer in return for work performed. This remains the same regardless of hours worked.
a)
net income
b)
Salary
c)
Employer contributions
d)
employment
22.
A federal government program that funds retirement accounts, financially supports citizens who have experienced profound disability, the premature death of a parent (if under the age of 18), or the premature death of a spouse in a family with children
a)
Social Security
b)
Worker's compensation
c)
unemployment insurance
d)
Medicare
23.
Total tax bill
a)
salary
b)
Income tax
c)
Payroll tax
d)
Tax liability
24.
A source of income for workers who have lost their jobs through no fault of their own
a)
workers' compensation
b)
pay period
c)
Unemployment insurance
d)
social security
25.
Which is the higher amount – gross pay or net pay?
a)
Gross Pay
b)
Net Pay
26.
What is the percentage of gross pay withheld for Social Security?
a)
10%
b)
6.2%
c)
4.9%
d)
1.45%
27.
What percentage of gross pay is withheld for Medicare?
a)
6.2%
b)
2%
c)
1.45%
d)
3.5%
28.
What is a dependent?
a)
A person who relies on the taxpayer for financial support
b)
A person who does not have to rely on a taxpayer
c)
An independent person
d)
All of the above
29.
What is Medicare?
a)
Health care for young adults and teens
b)
Health insurance program for the elderly and disabled.
c)
Insurance for the less fortunate
d)
Social Security
30.
What are three ways employees can be paid?
a)
Paycheck
b)
Direct Deposit
c)
Payroll Card
d)
All of the above
31.
What is the second part of a paycheck with the written record of the withheld deductions?
a)
Pay Record
b)
Pay Stub
c)
Paycheck Deductions
d)
Deducted Money Tab
32.
The amount of taxes withheld to assist in funding government agencies in the state is?
a)
State Income Tax
b)
Income Tax
c)
Federal Income Tax
d)
City Income Tax
33.
Do all states have State Income Tax?
a)
Yes
b)
No
34.
Which mandatory deduction is the largest payroll deductions?
a)
State Income Tax
b)
Federal Income Tax
c)
Deducted Income Tax
d)
National Tax
35.
Money subtracted or deducted from gross pay?
a)
Deductions
b)
Gross Pay Subtractions
c)
Subtracted Pay
d)
Net Pay
36.
What two programs are required by employers to purchase at no cost to employees?
a)
Workers Compensation
b)
Unemployment Insurance
c)
Both 1 and 2
d)
None of the above
37.
How might being paid in cash negatively affect your future self?
a)
Have to pay total tax liability at once
b)
You won't be protected against unfair job loss
c)
You won't be protected if you are injured on the job
d)
All of the above
38.
What is the primary difference between a debit card and a payroll card?
a)
A payroll card is not linked to the employee’s bank account
b)
Payroll card subtracts money, debit card adds money
c)
Payroll card is same as credit card and debit card is not
d)
All of the above
39.
Which two types of taxes are withheld from wages ?
a)
Income and Sales
b)
Income and Payroll
c)
Excise and Payroll
d)
Income and Excise
40.
Why is a pay stub important to the employee?
a)
Shows the deductions taken out of paycheck
b)
Shows the amount of time you worked
c)
Shows gross income
d)
All of the above
41.
Helps pay medical expenses if you are injured on the job
a)
Out of Pocket Money
b)
Workers Compensation
c)
Unemployment Insurance
d)
Income
42.
Would pay a portion of your previous income while you look for a new job
a)
Employer Pay
b)
Unemployment Insurance
c)
Worker's Compensaion
d)
Taxes
43.
What employee benefits that may be deducted from wages?
a)
Retirement only
b)
Insurance only
c)
Retirement and Insurance
d)
None of the above
44.
Determines the percentage of an employee’s pay that will be deducted for federal income taxes
a)
Your Pay Stub
b)
Your Form W-4 & Income
c)
I-9
d)
Checking account
45.
__________ earned by the number of hours worked multiplied by the amount paid per hour.
a)
Salary
b)
Hourly Wages
46.
A person or organization that uses a product or service
a)
Adult
b)
Consumer
c)
Business Owner
d)
Client
47.
The granting of a loan and the creation of debt; any form of deferred payment
a)
Credit
b)
Deposit
c)
Insurance
d)
Debit
48.
A system by which goods and services are produced and distributed
a)
Bank
b)
Liability
c)
Debt
d)
Economy
49.
The knowledge & skill set necessary to be an informed consumer and manage finances effectively
a)
Living the Good Life
b)
Economics
c)
Financial Literacy
50.
A fee paid by a borrower to the lender for the use of borrowed money
a)
Interest
b)
Principal
c)
Credit
d)
Loan Amount
51.
A debt evidenced by a “note,” which specifies the principal, interest rate & date of repayment
a)
Title
b)
Ownership
c)
Interest
d)
Loan
52.
Which of the following would contribute most to a positive financial well-being?
a)
Take a personal finance class to learn how to manage money
b)
Pay grandma back the money she borrowed for a school trip
c)
Talk to her friends about how to manage her money better
d)
Open another checking account to help her organize her money
53.
Which of the following would contribute the most to intellectual well‐being?
a)
Go to the gym three times per week
b)
Challenge himself by taking on a new project at work
c)
Join a local service organization
d)
Take a vacation from work
54.
Which of the following is not a key component of financial planning?
a)
Assess your financial situation
b)
Set money goals
c)
Know your money personality
d)
Balance your checkbook regularly
55.
There are 7 key component of financial planning
a)
True
b)
False
56.
Knowing the _______ of money allows you to tell your money what to do
a)
Bankers
b)
Behaviors
c)
Language
d)
Opportunity
57.
What is financial planning?
a)
Spending all your money
b)
Managing your money
c)
being in debt and not doing anything about it
d)
being social
58.
what is financial well being?
a)
taking care if your body
b)
gaining and using knowledge
c)
your financial outlook
d)
how you feel
59.
Money is a ______. It's up to you to manage it
a)
hammer
b)
screw driver
c)
wrench
d)
tool
60.
Carl wins $10k on the lottery. He owes $5k on a car payment. What should he do first?
a)
save the 10k
b)
pay off the car
c)
do whatever he wants
d)
go on a shopping spree
61.
Replace money ____ with money truths
a)
myths
b)
tall tales
c)
fables
d)
legend
62.
In SMART goals, what does S stand for?
a)
Safe
b)
Smart
c)
Save
d)
Specific
63.
In SMART goal, what does the M stand for?
a)
Mearsurable
b)
Most
c)
Money
d)
Make
64.
In SMART goals, what does the R stand for?
a)
Reasonable
b)
Real
c)
Retain
d)
Realistic
65.
Stating exactly what is to be done with the money involved is what part of the SMART goal?
a)
S
b)
M
c)
A
d)
R
66.
Creating a plan outlining exactly how the goal can be reached is what part of the SMART goal?
a)
S
b)
M
c)
A
d)
R
67.
Analyzing the consequence of goal to make sure it's attainable is what part of the SMART goal?
a)
S
b)
M
c)
A
d)
R
68.
Specifically stating when the goal will be reached is what part of the SMART goal?
a)
S
b)
M
c)
A
d)
T
69.
Specifically stating when the goal will be reached is what part of the SMART goal?
a)
S
b)
M
c)
A
d)
T
70.
What does it mean to barter?
a)
Trade with other countries
b)
Make money
c)
Exchange goods and services without using money
d)
Provide goods and services
71.
With SMART goals, what does the A stand for?
a)
Awesome
b)
Attainable
c)
Available
d)
Advocate
72.
With SMART goals, what does the T stand for?
a)
Telemarketer
b)
Tomorrow
c)
Timebound
d)
Together
73.
...A society in which purchases of goods or services are made by credit card or electronic funds transferral rather than with cash or checks.
a)
Bartering System
b)
Credit Land
c)
Cashless Society
d)
Society of Treasures
74.
As Mariah was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. What is this extra 6% charge most likely to be?
a)
An excise tax on the shirt she purchased.
b)
Property tax on the shirt she purchased.
c)
Income tax on the shirt she purchased.
d)
Sales tax on the shirt she purchased.
75.
Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called _____________ taxes.
a)
Sales
b)
Excise
c)
Federal
d)
Property
76.
A _____________________ tax is a tax on property, such as land, buildings (including homes), and motor vehicles (automobiles, boats, etc.).
a)
Sales
b)
Excise
c)
Federal
d)
Property
77.
Which component of a SMART goal is missing in the following statement: "I plan to save for a new glove by saving $50 a month for 8 months."
a)
S
b)
M
c)
A
d)
T
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