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WorksheetsTaxes, Paychecks, Spend Plans, Smart Cons, Dep Inst, Savings
Total questions: 54
Worksheet time: 7hrs 37mins
Name
Class
Date
1.
The cost of borrowing money is known as:
a)
Wealth
b)
Interest
c)
Assets
d)
Principal
2.
The portion of current income not spent on consumption is:
a)
Savings
b)
Expenses
c)
Salary
d)
Bills
3.
Everything an individual or household owns with monetary value
a)
Expenses
b)
Assets
c)
Goal
d)
Principal
4.
A measurement of how much a person or household owns once all debts have been paid.
a)
Income
b)
Wealth
c)
Assets
d)
Principal
5.
The original amount of money saved or invested.
a)
Interest
b)
Balance
c)
Principal
d)
Income
6.
A depository institution account that is designated to hold money not spent on current consumption
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
7.
An account at a depository institution that is used for a fixed period of time and allows restricted access to the funds deposited
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
8.
An account at a depository institution that provides an easy method for withdrawing and depositing money
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
9.
An account at a depository institution that usually has minimum balance requirements and tiered interest rates
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
10.
Easily accessible, but less liquid than checking accounts
a)
Savings Account
b)
Money Market Deposit Account
c)
Certificate of Deposit
11.
Hannah needs a savings tool to help her manage her everyday purchases. The savings tool needs to be very liquid and accessible. Which of the following savings tools should Hannah choose?
a)
Certificate of deposit
b)
Checking account
c)
Money market deposit account
d)
Any of the above savings tools would help Hannah
12.
Anyone can open an account here
a)
Commercial Bank
b)
Credit Union
c)
Both
13.
Which financial institution is owned by their customers?
a)
Commercial Bank
b)
Credit Union
c)
Both
14.
Which financial institution is in business to make money?
a)
Commercial Bank
b)
Credit Union
c)
Both
15.
Which financial institution has membership requirements to open an account?
a)
Commercial Bank
b)
Credit Union
c)
Both
16.
Interest paid on interest previously earned; credited daily, monthly, quarterly or semiannually is:
a)
Simple Interest
b)
Compound Interest
c)
Interest Rate
d)
Emergency Fund
17.
According to Dave Ramsey, the five steps to financial success are known as:
a)
Five Steps
b)
Five Financial Successes
c)
The Five Foundations
18.
How quickly and easily assets can be accessed and converted into cash is known as:
a)
Savings
b)
Interest
c)
Liquidity
d)
Assets
19.
The FDIC insures accounts at credit unions up to $250,000.
a)
True
b)
False
20.
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.
21.
Gross income – deductions = _______________
a)
Social Security
b)
Medicare
c)
Net income
d)
Employee benefits
22.
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
23.
The regular schedule that employers pay their employees is called __________.
a)
worker’s compensation
b)
pay period
c)
employee benefits
d)
employer contributions
24.
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.
25.
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
26.
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
27.
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
28.
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
29.
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
30.
A person who relies on the taxpayer for financial support
a)
Dependent
b)
Employment
c)
Independent
d)
Employee
31.
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
32.
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
33.
A reloadable debit card onto which a worker's pay is loaded
a)
pay stub
b)
Payroll card
c)
salary
d)
paper paycheck
34.
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
35.
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
36.
The total tax bill someone owes is known as their:
a)
salary
b)
Income tax
c)
Payroll tax
d)
Tax liability
37.
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
38.
Which is the higher amount – gross pay or net pay?
a)
Gross Pay
b)
Net Pay
39.
What is the percentage of gross pay withheld for Social Security?
a)
10%
b)
6.2%
c)
4.9%
d)
1.45%
40.
What percentage of gross pay is withheld for Medicare?
a)
6.2%
b)
2%
c)
1.45%
d)
3.5%
41.
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
42.
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
43.
Which mandatory deduction is the largest payroll deductions?
a)
State Income Tax
b)
Federal Income Tax
c)
Deducted Income Tax
d)
National Tax
44.
Money subtracted or deducted from gross pay?
a)
Deductions
b)
Gross Pay Subtractions
c)
Subtracted Pay
d)
Net Pay
45.
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
46.
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
47.
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
48.
__________ earned by the number of hours worked multiplied by the amount paid per hour.
a)
Salary
b)
Hourly Wages
49.
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
50.
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
51.
The original amount of money saved or invested.
a)
Interest
b)
Balance
c)
Principal
d)
Income
52.
1.When purchasing a good, you should NOT consider:
a)
Product price
b)
Product features
c)
Product reviews
d)
Product name
53.
The process of righting a wrong, as related to consumer spending, is called ____________.
a)
Redress
b)
Redo
c)
Revise
d)
Recall
54.
What is NOT an example of a durable good?
a)
Automobile
b)
Cell phone
c)
Food
d)
Clothing
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