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2A Final Assessment Study Guide

Total questions: 75

Worksheet time: 3hrs 27mins

Name
Class
Date
1.

Net pay is ...

a)

income before deductions

b)

income after deductions

c)

income you take home

d)

income with holdings

2.

What is the definition of Gross Pay?

a)

state taxes

b)

income after deductions

c)

federal taxes

d)

total income

3.

What does FICA stands for?

a)

For Insurance Contributing Animals

b)

Formal Initiative Costing Association

c)

Federal Insurance Contributions Act

d)

None of the above

4.
What is the employer name?
a)
John Smith
b)
John S. Ltd
c)
John
d)
 John Ltd.
5.
What is the length of the pay period?
a)
two weeks
b)
one week 
c)
a month
d)
three weeks 
6.
Taxes are deducted from all employees paychecks
a)
true
b)
false
7.
On a pay stub, this indicates the total amount of money received by an employee after all deductions are taken out.
a)
Net Pay
b)
Gross Pay
c)
Total Pay
d)
Grand Pay
8.

Money paid to the government

a)

Paystub

b)

Current

c)

Taxes

d)

Net Pay

9.

The company you work for deposits the net pay straight into your bank account

a)

Rate

b)

Direct Deposit

c)

Paystub

d)

Pay Period

10.

Money taken out of paycheck to cover expenses including taxes and health insurance

a)

Deductions

b)

Taxes

c)

Paystub

d)

Net Pay

11.

The date range you are being paid for

a)

Pay Period

b)

Paystub

c)

Rate

d)

YTD

12.

a person that works for a company

a)

employer

b)

biweekly

c)

employee

d)

tax

13.
Rate of Pay= $5.00
Hours= 9
What is the gross pay? 
a)
$47.00
b)
$54.00
c)
$45.00
d)
$4.50
14.
Rate of Pay= $12.00
Hours= 13
What is the gross pay? 
a)
$156.00
b)
$1.56
c)
$194.00
d)
$135.00
15.
Rate of Pay= $13.00
Hours= 20
What is the gross pay? 
a)
$260.00
b)
$2.600
c)
$206.00
d)
$213.00
16.
Rate of Pay= $10.97
Hours= 10
What is the gross pay? 
a)
$109.70
b)
$197.00
c)
$170.90
d)
$19.70
17.

A 401(k) refers to:

a)

Additional current income

b)

Taxes

c)

Insurance

d)

A retirement plan

18.

YTD stands for:

a)

Year to Date

b)

Year Tax Date

c)

Yearly Tax Date

d)

Your Total Deductions

19.

Your standard deductions include all of these EXCEPT for:

a)

Federal Income Tax

b)

Social Security

c)

Insurance

d)

State Income Tax

20.

If what you pay in income taxes EXCEEDS what you actually owe to the federal government, what happens?

a)

Nothing

b)

You owe the government money

c)

It's a secret to everyone

d)

You receive an income tax return

21.

Hourly pay is calculated by:

a)

Dividing money earned by total hours

b)

Multiplying money earned by total hours

c)

Subtracting net pay from gross pay

d)

Subtracting deductions from gross pay

22.

Choose 2 ways people benefit from taxes?

a)

zoos and Walmart

b)

roads and highways

c)

the Internet

d)

schools and libraries

23.
What is the gross amount for the year?
a)
6,590.59
b)
22,400
c)
15,809.41
d)
2,240
24.

How much does she pay for federal income tax?

a)

27.53

b)

0

c)

6.05

d)

45.58

25.

How much is their gross pay?

a)

1950

b)

488.74

c)

1002

d)

501

26.

Each time a worker is paid, he/she should receive a detailed list of deductions on a pay stub or a deposit slip (if money is directly deposited to a bank account).

a)

True

b)

False

27.

Deductions are amounts of money subtracted from a worker’s gross pay.

a)

True

b)

False

28.

A Payday is the day a person is paid.

a)

True

b)

False

29.

A salary is a fixed amount of money paid to an employee to do a job.

a)

True

b)

False

30.

Overtime...

a)

explains how much money was earned and the types of deductions and amounts withheld from a worker’s paycheck.

b)

is time worked beyond an employee’s regular hours.

c)

he amount of money remaining after taxes have been deducted that a person can spend as he/she wishes.

d)

is the amount of money you earn after deductions are subtracted.

31.

A pay stub...

a)

explains how much money was earned and the types of deductions and amounts withheld from a worker’s paycheck.

b)

is time worked beyond an employee’s regular hours.

c)

he amount of money remaining after taxes have been deducted that a person can spend as he/she wishes.

d)

is the amount of money you earn after deductions are subtracted.

32.

Physical paper in the amount of money earned

a)

Commission

b)

Direct Deposit

c)

Paper Paycheck

d)

Pay Stub

33.
Wages are deposited directly into a depository institution account
a)
Paper Paycheck
b)
Direct Deposit
c)
Self Pay
d)
Salary
34.

Schedule which employer pays

a)

W-4

b)

Pay Date

c)

Pay Stub

d)

Pay Period

35.

Federal government program that funds retirement accounts and disabled individuals

a)

Medicare

b)

Social Security

c)

Tax Liability

d)

Gross Income

36.

Federal government program that supports health care for individuals over 65

a)

Social Security

b)

Salary

c)

Medicare

d)

Income Insurance

37.

How do wages and salary differ?

a)

Wages describe what you earn on an annual basis

b)

Salary describes what you earn on an annual basis

c)

Wages mean you have a standard amount in each paycheck

d)

Salaried employees are likely to be paid for overtime

38.

Which of the following are TRUE about gross income and net income? (hint: choose 2 correct answers)

a)

Gross income and net income are the same

b)

Net income is sometimes called "take home pay"

c)

Gross income is the total amount earned before deductions

d)

Net income is the total amount earned before deductions

39.

If an expense can NOT be removed from your budget to save money, it is considered a _____.

a)

Income

b)

Want

c)

Need

d)

Savings

40.
Examples of Fixed Expenses include:
a)
Mortgage, loans, rent
b)
Cable, entertainment, food
c)
Gas, food, phone
d)
Clothing, gas, food
41.
Utilities
a)
Fixed Expenses
b)
Variable Expenses
42.

A financial plan is called a

a)

budget

b)

tax

c)

allowance

d)

income

43.

If an expense can be cut from your budget to save money, it is considered a ______.

a)

want

b)

need

c)

income

d)

savings

44.

A 9th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.

a)

income

b)

needs

c)

outflow

d)

wants

45.

Of all the choices, which one should you budget for first?

a)

Groceries

b)

Entertainment

c)

Cell Phone Bill

d)

New Car

46.
Which of the following is NOT a need?
a)
Food
b)
Clothes
c)
Netflix
d)
Shelther
47.
Which of the following is an example of a variable expense
a)
Food
b)
Rent
c)
Car payment
d)
Student loan
48.
What is the first step in budgeting?
a)
Record what you spend
b)
Estimate your income
c)
Set financial goals
d)
Review and evaluate monthly
49.
What is a discretionary Income?
a)
an estimate of income and exponditure for a set period of time.
b)
a corporate expense that varries with production output.
c)
Income remaining after deduction of taxes, other mandatory charges.
d)
cannot avoid or help doing something.
50.
Which of the following is an example of a "life change" that would effect your budget?
a)
marriage
b)
children
c)
change in job
d)
all of these
51.
Why is budgeting important?
a)
It's good to live pay check to paycheck
b)
You should always live at your parents house
c)
You might get into a house or other large expense  you can’t afford
d)
Always spend more than you can afford
52.
Something that is nice to have but not necessary is a
a)
need
b)
want
c)
value
d)
option
53.

Expenses that vary over time.

a)

Fixed Expenses

b)

Variable Expenses

c)

Mortgages

d)

Interest

54.
All of the following are examples of supplemental income, except
a)
Child support
b)
Disability
c)

Workman's comp
d)
Your regular paycheck
55.
Which of the following is NOT a wise financial decision?
a)
using credit for everything
b)
saving for the future
c)
writing down expenses to track spending
d)
creating a budget based on your NET income
56.
Which of the following is the correct way to write $197.65 in words on a check.
a)
One hundred and ninty seven & 65/100
b)
One hundred ninety-seven & sixty-five cents
c)
one ninety seven & sixty-five cents 
d)
One hundred ninety-seven & 65/100
57.
The three parties to a check are:
a)
Drawer, Recipient, Payee
b)
Drawer, Payee, Drawee
c)
Payer, Payee, Drawee
d)
None of these is correct
58.

If you deposited a check for $456.86 at an ATM that has a $4.50 service charge fee for all transactions, what was the total amount deposited?

a)

$452.36

b)

$456.89

c)

$461.36

d)

$460.50

59.

Which of the following does NOT have to appear on a check?

a)

Date

b)

Dollar amount of check

c)

Social Security number

d)

Person or company to whom the payment will be made

60.

If Amy Morris had $6756.02 in her checking account and wrote a check for $543.88, what amount was left in her account?

a)

$7,489.14

b)

$6,212.14

c)

$7,299.90

d)

$6,312.16

61.

Caitlyn Bailey had $4,765.58 in her checking account. If she wrote three checks totaling $867.23 and was charged a $2.45 service, what amount was left in the account?

a)

$3,898.35

b)

$4,763.13

c)

$3,965.54

d)

$3,895.90

62.

Corina Juarez made a deposit to her checking account and received $80 in cash. The deposit total $832. She did not deposit any coins. The checks she deposited totaled 3 times the currency she deposited. How much did she deposit in checks?

a)

$228

b)

$684

c)

$912

d)

$752

63.

If Thad Reed's average monthly expenditure for 4 months is $2,303.50, what is the total of his expenditures for that period?

a)

$12,545.50

b)

$575.88

c)

$9,214.00

d)

$685.75

64.

If Jackson earns $36,000 annually (NET), how much money should he be putting in savings each MONTH?

a)

$3,600

b)

$3,000

c)

$360

d)

$300

65.

Eating out is a...

a)

fixed expense

b)

variable expense

c)

intermittent expense

d)

discretionary expense

66.

Car repairs are a...

a)

discretionary expense

b)

variable expense

c)

fixed expense

d)

intermittent expense

67.

Groceries are a...

a)

fixed expense

b)

discretionary expense

c)

intermittent expense

d)

variable expense

68.

A written budget, if followed, removes _____________ from your finances

a)

overspending

b)

guilt

c)

all of these

d)

management by crisis

69.
Landon's monthly salary is $1209.
If Landon's budget for transportation is 15% of his salary, then how much is budgeted for his car payment? 
a)
$181
b)
$183
c)
$176
d)
$190
70.
Callie's monthly salary is $1509.
If Callie's budget for rent is 29% of salary, then
how much is budgeted for rent? 
a)
$438
b)
$483
c)
$476
d)
$490
71.
Joshua's monthly salary is $2,909.
If Joshua's budget for rent is 22% of salary, then
how much is budgeted for rent? 
a)
$354.97
b)
$639.98
c)
$644.76
d)
$410.55
72.
Allie averages a weekly net income of $290 from her job at kohls. How much does she average per month?  
a)
$1225
b)
$1233
c)
$1257
d)
$1282
73.
William has a monthly net income of $1,850. Based on this amount, how much should she spend in the housing category based on the percentages in the Spending Guidelines? 
a)
$555
b)
$533
c)
$355
d)
$582
74.
Janice has a monthly net income of $4,850. Based on this amount, how much should she spend in the housing category based on the percentages in the Spending Guidelines? 
a)
$1455
b)
$1533.50
c)
$1339.50
d)
$1582
75.

9.An account where money is kept for future use.

a)

Income Tax

b)

Overdraft Fees

c)

Savings Account

d)

Checking Account

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