WorksheetsFinance Unit 1 - Test Review Game
Total questions: 25
Worksheet time: 27mins
1.45 hours equals how many minutes?
87 minutes
90 minutes
97 minutes
100 minutes
Once you have gotten a job, which of the following should you NOT do?
Maintain a good work ethic (do the job to the best of your ability)
Participate in gossip (it will help you fit in better with the other employees)
Keep a positive attitude (don't be negative)
Be flexible and cooperative (try your best to work with everyone)
Which of the following is NOT normally found on a resume?
References
Skills
Education
Work Experience
What is the general rule concerning the relationship between education/experience and pay?
The greater the level of education/experience, the fewer well-paying jobs that are available
The greater the level of education/experience, the more frequently you get paid
The greater the level of your education/experience, the more you can expect to be paid
There is no relationship between education/experience and pay
Why is it important to obtain a degree or training in a specific career?
Employers expect you to have the same level of education and training that they have
This will help you learn if you might enjoy that career
This will allow you to demand a minimum of $25 per hour as a wage
Many careers are closed to people who don't have them
Which of the following degrees does NOT require you to have a bachelor's degree in order to pursue it?
master's degree
Ph. D
associate's degree
professional degree (M.D., J.D., etc.)
A career ladder is:
something only available to people with professional degrees (like doctors and lawyers).
the levels of pay within one specific job based on the number of years performing that job.
moving from one job to the next, often in entirely different fields of work, in order to make more money.
the upward movement from an entry-level job, through various jobs that have more responsibility and have higher education and/or experience requirements, to the job that is the final goal.
A program where you are a college student, but you spend part of the year at a company (for pay) working on projects similar to what you will do once you graduate, is called a(n):
apprenticeship
co-op education program
internship
Title IX career preparation program
A program where you work for a company (often unpaid, but occasionally paid) to gain experience in a field that you are studying in college is called a(n):
apprenticeship
cooperative education program
internship
Title IX career preparation program
A program where you get training in some skill (like an electrician or mechanic), then go work (for pay) for someone in that field who will continue to train you, is called a(n):
apprenticeship
cooperative education program
Title IX career preparation program
work study
Poor time management is a major cause of stress
True
False
Having a balanced live is best when _________________ are balanced out.
work and/or education
recreation and relaxation
sleep and eating
all of the above
Unhealthy lifestyle can mean increase in health care cost and decrease in income.
True
False
To prepare for a job interview you should NOT do:
Research the company
Practice interviewing
Express your wardrobe creatively
Prepare your references
What document will you not need to complete your federal tax return:
W-2
1099s
W-4
1040
What is the difference between a tax exemption and a tax deduction?
a tax exemption is something you claim on your W-2 Form to reduce the amount of income tax withheld from each paycheck; a tax deduction is something you claim on your W-4 Form that reduces your taxable income.
a tax exemption is something you claim on your 1040/1040A/1040EZ Form to reduce the amount of income tax withheld from each paycheck; a tax deduction is something you claim on your W-4 Form that reduces your taxable income.
a tax exemption is something you claim on your W-4 Form to reduce the amount of income tax withheld from each paycheck; a tax deduction is something you claim on your 1040/1040A/1040EZ Form that reduces your taxable income.
a tax exemption is something you claim on your W-4 Form to reduce the amount of income tax withheld from each paycheck; a tax deduction is something you claim on your W-2 Form that reduces your taxable income.
What is the difference between gross income and taxable income?
gross income is the total of all wages, salary, interest, and other earnings you make in a year; taxable income is gross income plus your allowed deductions.
gross income is the total of all wages, salary, interest, and other earnings you make in a year; taxable income is gross income minus your allowed deductions.
taxable income is the total of all wages, salary, interest, and other earnings you make in a year; gross income is gross income plus your allowed deductions.
taxable income is the total of all wages, salary, interest, and other earnings you make in a year; gross income is gross income minus your allowed deductions.
When preparing your tax return, if your itemized deductions are greater than the standard deduction, you should use which type of deduction to compute your taxable income (and reduce your tax liability by the largest amount)?
Itemized Deduction
Standard Deduction
If you did your taxes correctly, the standard and itemized deductions should be identical.
Neither the standard nor itemized deduction is used when preparing tax returns; exemptions are what is used.
What percentage of your pay is withheld in payroll taxes (FICA Contributions)?
1.45% (1% for Social Security; 0.45% for Medicare)
6.2% (4.75% for Social Security; 1.45% for Medicare)
7.65% (6.2% for Social Security; 1.45% for Medicare)
15.3% (12.4% for Social Security; 2.9% for Medicare)
If you are due a refund from the IRS, the fastest way to receive the refund is to:
file your return by mail; receive your refund by mail.
file your return by mail; receive your refund electronically.
file your return electronically; receive your refund by mail
file your return electronically; receive your refund electronically.
The Federal Government uses the taxes it collects to pay for all of the following EXCEPT:
Military
Social Security
Entitlements (welfare)
Elections
Which of these taxes does the Federal government NOT collect?
Payroll taxes
Income Taxes
Sales Tax
What is the day your taxes are required to be in the mail; if it does not fall on a weekend.
January 15
April 15
July 15
October 15
When setting a career goal what should you NOT do:
figure out what you love to do
map out your chosen field
see a career counselor for help
pick a job just for the pay
The only option for you it so go to college?
True
False
