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WorksheetsChapter 1 & 2 PERSONAL FINANCE
Total questions: 18
Worksheet time: 9mins
Gross Pay is defined as
Total pay earned during a pay period minus deductions.
Total amount paid to an employee each pay period, including regular pay, overtime pay, and other taxable earnings (such as reimbursements)
Total Pay earned during a pay period not including overtime pay.
none of these
Net pay is defined as
total pay earned during a pay period.
total pay earned during a pay period plus deductions.
total pay earned during a pay period minus all deductions.
none of these
FICA taxes are
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare
Which of the following is not an optional deduction from your pay?
health insurance
life insurance
social security tax
savings plan
If Larry’s work pays their employees every other Tuesday, how many pay periods is there in one year?
52
26
24
12
Pam earns $75,000 annually, what is her gross pay per paycheck, if she is paid twice a month?
$3,100.15
$3,125.00
$3,152.00
$3,199.92
All of the following are examples of hard skills except
knowing how to use Microsoft Excel
installing an air conditioner
leading a team
operating a forklift
All of the following are soft skills except
knowing how to give a person a firm handshake
preparing a PowerPoint presentation
speaking with confidence to a potential client
dressing appropriately for a job interview
On-the-job training is an example of
formal education
self-education
natural education
informal education
Interest and Dividends are examples of unearned income
True
False
The degree that takes the longest to earn and most credit hours?
bachelor’s degree
associate’s degree
doctorate degree
master’s degree
The quantity of goods and services that producers are willing and able to provide is called?
demand
command
market
supply
If you are hurt at work how you can file a claim to receive this
worker's compensation
a tax break
a new leg
nothing
It's the end of January and time to do your taxes, what form do you need from your employer to begin?
W-1
W-2
W-3
W-4
Are tips subject to federal and state taxes?
yes
no
This percentage (%) of money comes out of your paycheck for social security
6.9%
6.6%
6.2%
1%
This percentage (%) of money comes out of your paycheck for medicare
6.3%
1.45%
2.45%
6.2%
What covers your income if you receive a layoff notice?
worker's compensation
unemployment insurance
health insurance
life insurance
