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Standard 1: Earning an Income

Total questions: 35

Worksheet time: 1hrs 10mins

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.

A purposeful course of action or purpose in life that generally provides income.

a)

Career

b)

Earned Income

c)

Human Capital Investment

d)

Job

e)

Labor

15.

Money received for work performed; may include salary, wages, tips, professional fees, commissions, etc.

a)

Career

b)

Earned Income

c)

Human Capital Investment

d)

Job

e)

Labor

16.

Investment of time, effort and resources in education and training — to increase one's own knowledge, skills, health, etc., or to develop those assets in others.

a)

Career

b)

Earned Income

c)

Human Capital Investment

d)

Income

e)

Job

17.

Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.

a)

Career

b)

Earned Income

c)

Human Capital Investment

d)

Income Tax

e)

Job

18.

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

a)

Career

b)

Earned Income

c)

Human Capital Investment

d)

Income

e)

Job

19.

Which of the following statements BEST explains the difference between a job and a career?

a)

A career requires education or training and a job does not.

b)

People tend to find more purpose in life through a career than a job.

c)

Careers tend to have employee benefits and jobs do not.

d)

People who have jobs work harder than people who have careers.

20.

The quantity and quality of human effort available to produce goods and services.

a)

Career

b)

Earned Income

c)

Human Capital Investment

d)

Income

e)

Labor

21.

Federal Insurance Contributions Act.

a)

FICA

b)

Gross Pay

c)

Social Security

d)

Net Pay or Take-home pay

e)

Withholding

22.

Wages or salary before deductions for taxes and other purposes.

a)

FICA

b)

Gross Pay

c)

Social Security

d)

Net Pay or Take-home pay

e)

Withholding

23.

A federal government program providing retirement, survivor and disability benefits, funded by a tax on income, which appears on workers’ pay stubs as a deduction labeled FICA

a)

FICA

b)

Gross Pay

c)

Social Security

d)

Net Pay or Take-home pay

e)

Withholding

24.

Gross wage or salary, plus bonuses, minus deductions such as for taxes, health care premiums, and retirement savings.

a)

FICA

b)

Gross Pay

c)

Social Security

d)

Net Pay or Take-home pay

e)

Withholding

25.

Employer deductions from employees’ earnings to pay employees’ taxes.

a)

FICA

b)

Gross Pay

c)

Social Security

d)

Net Pay or Take-home pay

e)

Withholding

26.

A plan for managing money, dividing up expected income and expenses among spending and saving options based on personal goals during a given time period.

a)

Goal

b)

Budget

c)

Income

d)

Expenses

e)

Financial Goal

27.

A statement about what a person wants to be, do, or have, accomplished by taking certain steps; provides direction to a plan of action.

a)

Goal

b)

Budget

c)

Income

d)

Expenses

e)

Financial Goal

28.

Money earned from investments and employment.

a)

Goal

b)

Budget

c)

Income

d)

Expenses

e)

Financial Goal

29.

The costs of goods and services, including those that are fixed (such as rent and auto loan payments) and those that are variable (such as food, clothing, and entertainment).

a)

Goal

b)

Budget

c)

Income

d)

Expenses

e)

Financial Goal

30.

Desired results from one’s efforts to achieve personal economic satisfaction.

a)

Goal

b)

Budget

c)

Income

d)

Expenses

e)

Financial Goal

31.

Expenditures that are the same from week to week or month to month, such as mortgage or rent payments and car payments.

a)

Fixed Expenses

b)

Goal setting

c)

Fixed Income

d)

Variable Expenses

e)

Variable Income

32.

Expenditures that change from week to week or month to month--for food, clothing, recreation and entertainment, for example.

a)

Fixed Expenses

b)

Goal setting

c)

Fixed Income

d)

Variable Expenses

e)

Variable Income

33.

Income that stays the same from week to week or month to month.

a)

Fixed Expenses

b)

Goal setting

c)

Fixed Income

d)

Variable Expenses

e)

Variable Income

34.

Income that varies from week to week or month to month.

a)

Fixed Expenses

b)

Goal setting

c)

Fixed Income

d)

Variable Expenses

e)

Variable Income

35.

The process used to determine what an individual wants to be, do, or have, i.e., what a person wants to accomplish.

a)

Fixed Expenses

b)

Goal setting

c)

Fixed Income

d)

Variable Expenses

e)

Variable Income

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