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WorksheetsFinancial Literacy Chapter 2 Test Review
Total questions: 12
Worksheet time: 6mins
The more allowances you have, the more money is taken out in taxes of your paycheck.
True
False
All deductions are required by law to be taken out of your paycheck. There are no optional ones allowed.
True
False
If you work flextime, there are core hours that all employees must work.
True
False
Employers must contribute matching amounts into each employee's Medicare and Social Security accounts.
True
False
Gross Pay is
OT x hours worked
rate x hours worked
hours worked/rate
rate + hours worked
In most cases, the amount of "take-home pay" an employee receives is
equal to gross pay
less than gross pay but more than net pay
about 65-70 percent of gross pay
is never enough
Which of the following benefits are employers required by law to provide?
Child care
Health insurance
Paid vacation days
Workers' compensation
If you are on salary
you get double time for overtime
no deductions will be taken from your check
your gross pay is the same every pay period
you are only paid once a month
What percent is social security tax?
6.2%
5.9%
1.45%
6.75%
A standard work week is how many hours?
35
45
50
40
What percent is Medicare tax?
2.45
3.45
1.45
6.45
Members of this type of union are skilled, semiskilled, or unskilled employees in a particular industry.
Craft union
Public employee union
Industrial union
Trade union
