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WorksheetsPFL # 1a Earning an Income
Total questions: 14
Worksheet time: 28mins
Name
Class
Date
1.
What is the opportunity cost of dropping out of school?
a)
Having interesting hobbies
b)
Higher future income
c)
Lower future income
d)
A wider choice of jobs
2.
Which of the following statements would NOT be considered human capital?
a)
The amount of money people have when they start a new job.
b)
The health, strength, education, training, and skills people bring to their jobs.
c)
The education a person obtains for their job.
d)
The time available to complete the job.
3.
Which of the following is NOT a required payroll deduction?
a)
FICA
b)
State income tax
c)
Federal income tax
d)
Health insurance
4.
Which of the following are subtracted from your gross pay?
a)
Federal income tax, insurance, and sales tax
b)
Social Security, Medicare contributions, and property tax
c)
Federal and State income taxes
d)
Federal income tax, social security and sales tax
5.
Which of the following do many employers offer as benefits to employees?
a)
Health insurance
b)
Employee leave
c)
Retirement plans
d)
All of the above
6.
John Smith has a gross income of $4295.00 and $644.25 in deductions. How much would John’s paycheck be this month?
a)
4295
b)
4939.25
c)
3650.75
d)
644.25
7.
A goal may be all of the following EXCEPT?
a)
variable term
b)
medium term
c)
short term
d)
long term
8.
Setting a goal to purchase a new car in four years is the example of a _____ goal?
a)
short term
b)
medium term
c)
variable term
d)
long term
9.
Which of the following statements is true?
a)
The gross pay is the amount for which a paycheck is written.
b)
When estimating income, you should be sure to include your savings.
c)
FICA is listed on your paycheck in addition to the amount you pay for Social Security.
d)
The more education a person has, the easier it will be for that person to find employment.
10.
The BEST description of a budget is a
a)
financial tool for consumers who have very little money.
b)
set of restrictions on how you can spend your money.
c)
plan for saving and spending your money.
d)
statement of your assets and liabilities.
11.
If you sign a lease on an apartment, your rent is a
a)
fixed expense
b)
variable expense
c)
fixed income
d)
variable income
12.
When setting long-term goals,
a)
setting short-term and medium-term goals is not important.
b)
setting short-term goals should be avoided because it takes away from your long-term goals.
c)
they become more important than your short-term goals.
d)
set short-term and medium-term goals as steps to accomplish your long-term goals.
13.
A budget can help you do any of the following except
a)
evaluate your spending habits
b)
increase your income
c)
increase your savings
d)
avoid running out of money between paychecks
14.
Which of the following statements best explains the difference between a job and a career?
a)
People tend to find more purpose in life through a career than a job.
b)
A career requires education or training and a job does not.
c)
Careers tend to have employee benefits and jobs do not.
d)
People who have jobs work harder than people who have careers.
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