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WorksheetsPayroll Taxes and Credit
Total questions: 20
Worksheet time: 10mins
What is net pay?
The total earnings on your paycheck
Three taxes that everyone must pay
How much a person is worth in total
The amount of your paycheck after taxes are taken out
What is gross earnings?
The total amount of wages on your paycheck
Three taxes that everyone must pay
How much a person is worth in total
The amount of your paycheck after taxes are taken out
What are the three taxes that everyone must pay from their paycheck?
Federal income tax, state income tax and county tax
Federal income tax, sales tax and Medicaid tax
Federal income tax, Social Security tax, Medicare tax
State income tax, Social Security tax and Sales tax
What is Medicare tax for?
It funds health insurance for retired Americans
It funds Medicaid
It funds health insurance for all Americans
It funds health insurance for those who can't afford it under the Affordable Healthcare Act
What is another name for social security tax?
Income tax
FICA
Medicare tax
State tax
How long should an MEDIUM-TERM financial goal take to achieve?
1 day - 3 months
3 - 6 months
6 - 18 months
3 - 12 months
What is federal tax used for?
It is used to fund federal infrastructure and programs
It provides income to Americans in retirement
It is used to fund state infrastructure and programs
It funds health insurance to Americans in retirement
What is social security tax used for?
It is used to fund federal infrastructure and programs
It funds health insurance to Americans now
It provides income to Americans in retirement
It funds health insurance to Americans in retirement
How long should a LONG-TERM financial goal take to achieve?
1 - 3 years
3 - 6 months
6 - 18 months
3 - 12 months
You need money to borrow money. The money you already have is called:
Collateral
Capital
Creditor
Credit
The property that you can let the lender keep until the loan is paid off is called:
Capital
Closed-End Credit
Capacity
Collateral
Being responsible with money and other obligations is:
Character
Credit Bureau
Creditworthy
Capacity
Your ability to make loan payments with your current income is called:
Character
Capacity
Conditions
Credit Freeze
Choose the two meanings of "conditions" when talking about credit:
A good reason why past problems with credit won't affect your ability to pay off a new loan
You need money to borrow money
Something of yours that the lender can keep if you don't pay off your loan
The terms and special requirements of the loan agreement
A business that gathers, stores, and sells credit information to other businesses?
Credit Report
Credit Freeze
Credit Bureau
Character
The complete record of your borrowing and past payment performance.
Credit Bureau
Credit History
Credit Report
Credit Freeze
A document that contains a consumer's credit history:
Capacity
Character
Credit Report
Credit History
A rating based on a consumer's credit history that indicates how likely you are to pay your debts responsibly:
Credit Score
Capacity
Credit Injury
Credit Rating
You should only cosign a loan for someone if:
You love them
They love you
You trust them
You are afraid of them
What is the best answer to most of life's questions?
Yes
No
42
It depends
