WorksheetsPersonal Finance - Unit 1 EOC Review
Total questions: 19
Worksheet time: 10mins
Which of the following is NOT a deduction that comes out of your paycheck?
income taxes
Social security taxes
Medicare taxes
Car insurance
What is the purpose of a W-4 form?
To tell you how much has been taken out of your paycheck
Provides info for employer to know how much to take out of your check
To tell you how much to pay in taxes each month
To tell you how much tax you will owe at the end of the year
How do grants and scholarships differ?
Scholarships are need-based; grants are merit-based
Grants are private forms of aid; scholarships are federal
Grants are need-based; scholarships are merit-based
They’re not different; they’re one and the same
Work-study is a program that includes
Working at an outside job to help pay for school
Taking a school job to help pay for an education
Agreeing to serve in the military for financial aid
Participating in a service program to receive aid
Which of the following is the best definition of net pay?
Your actual salary before deductions
The pay you actually take home
Your pay minus income taxes
Your pay minus insurance
Which of the following is the best definition of gross pay?
Your actual salary before deductions
The pay you actually take home
Your pay minus income taxes
Your pay minus insurance
What percent of your pay is taken out of every paycheck for social security taxes?
1.45%
3.75%
6.2%
Depends on your W-4
Kenny just left his job interview. Which demonstrates a characteristic of a positive interview?
Kenny brought samples of his previous work experience
Kenny brought his mom to the interview for support
Kenny wanted to dress his best and wore a tuxedo
Kenny did little research on the company and it was evident
On average, a person with a college degree or post-secondary training earns
The same as someone who has a high school diploma plus one year of work.
The same as someone who has a high school diploma.
A significant amount more in lifetime earnings than someone with just a high school education.
Just enough money to cover the costs of the class fees for the degree.
Someone who enjoys helping others learn and speaking in front of people might have an aptitude for a career in
Engineering
Wedding Planning
Teaching
Banking
What is the difference between an unsubsidized loan and a subsidized loan?
Unsubsidized loans have a higher interest rate
Subsidized loans have a higher interest rate
Unsubsidized loans accumulate interest during school, but subsidized do not
Subsidized loans accumulate interest during school, but unsubsidized do not
Which plan would be best if you wanted to choose the needs that fit you best when it comes to your benefits package?
Incentive plan
Cafeteria-style plan
Stock options
Savings plan
Which statement describes an hourly wage job?
Each paycheck is the exact same regardless of number of hours worked.
Each paycheck is less, even if employer wants you to work more hours/week
If employer wants employee to work more hours/week, result is larger check
If business closed for holiday, employee still gets paid regardless
Which represents an employee benefit?
Wage paid per hour of work
Health-insurance plan with company-paid premiums
Schedule with weekends off
Gratuity given by customers or clients
In order to qualify for Federal student loan
You must have financial need
You must file the FAFSA
You must complete a separate application for federal loans
You must take out a private loan
How often must you complete the FAFSA?
Never
Once a year
Only once
Whenever you switch schools
The period after graduating or leaving school before you must begin paying back student loans is known as the
limited period
purgatory period
free period
grace period
A written summary of your education, work experience, credentials, and accomplishments is a(n)
Application
Resume
Cover letter
College transcript
Which of the following does not reduce the overall cost of post-secondary education?
Grants
Scholarships
Loans
Work study
