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WorksheetsTest Review
Total questions: 16
Worksheet time: 8mins
Which of these takes needs into account?
Disposable income
Net income
Discretionary income
Variable income
Which of these is a fixed expense?
Gas
Food
Stocks
Savings
Emergency funds should last
1 month
3 months
1 year
3 years
What is the variable expense?
Rent
Groceries
Eating out
Student loans
When income is less than expenses
Deficit
Surplus
Balanced
Synonym with net income
disposable income
discretionary income
none of these
Which TWO ARE the voluntary deductionS?
Insurance
Retirement
Income tax
Social Security
What is UNearned income?
Tips at your job
Money you get from selling cars
Interest in a savings account
The extra money from overtime
What does a W4 form do?
Gives the government your personal information
Decides how many allowances you get on your paycheck
Determines your taxable income
On your birthday the government needs to know your info
What is a liability?
Something that you own
Something that you owe
Something that you can't access
A personal finance thing
Why are benefits important?
You can't be happy without having benefits
Getting insurance without a job is impossible
They are a big part of your pay/compensation, that isn't on a paycheck
Without benefits, everyone would be paid the same
What is a feature of wage that is only for that type of pay structure?
Commission
Salary
Overtime
Benefits
This is the amount of money that goes straight to the IRS when you get paid.
W4
Deductions
Allowances
Withholding
The government will give you a/an __________ for something like having a child, or getting married
W4
Deduction
Allowance
Withholding
The amount of money that the government sees us as making, that is impacted by things like the standard deduction
Taxable income
Net income
Disposable income
Earned income
When income is more than expenses
Deficit
Surplus
Balanced
