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WorksheetsUnit 2- Career Prep B
Total questions: 36
Worksheet time: 24mins
The ____ is the form employers use to inform you of the amount of money deducted from your paycheck in a given year.
W4
I9
W2
W9
The form employers use to determine how much tax to deduct from your paycheck is _____.
W2
W4
I9
W9
The total money earned in your paycheck before taxes and deductions is _____.
gross pay
net pay
federal income tax
state income tax
If Maddy’s gross pay is $500 this pay period and the Social Security tax is 6.2%, how much Social Security tax will be deducted from Maddy’s paycheck?
$310.00
$7.25
$72.50
$31.00
If Lanten’s gross pay is $1,800 this pay period and the Medicare tax is 1.45%, how much Medicare tax will be deducted from Lanten’s paycheck?
$26.10
$261.00
$2.61
$111.60
According to financial experts, what portion of your income should be devoted to needs?
20%
30%
40%
50%
According to financial experts, what portion of your income should be saved?
20%
30%
40%
50%
Which of the following is an example of a short-term goal?
Katie wants to save for college
Katie wants to save $100 for a trip this summer
Katie wants to save to buy a house
Katie wants to plan for her retirement
The following statement is a SMART goal: “I want to make all As.”
True
False
The T in SMART goals refers to making goals that are
TImely
Taxes
Thorough
Third
The S in SMART goals refers to making goals that are
School
Short Term
Sharp
Specific
Which of the following is an example of a long-term goal?
Emery wants to plan for his retirement.
Emery wants to save for a car when he turns 16.
Emery wants to open a savings account.
Emery wants to save $100 for a trip this summer
The A in SMART goals refers to making goals that are
additional
all
attainable
astute
The first step to financial success is creating and sticking to a budget.
True
False
The M in SMART goals refers to making goals that are
medium-term
measurable
mighty
marvelous
The following statement is a SMART Goal: "I want to be able to attend college."
True
False
The R in SMART goals refers to
responsible
resourceful
relevant
redundant
Anita’s power bill was $75 in September and $88 in October. A power bill is an example of a…
periodic expense
fixed expense
variable expense
want
A mortgage payment is an example of a ________
fixed expense
variable expense
periodic expense
want
A budget deficit occurs when
inflows are greater than outflows
inflows are equal to outflows
inflows are less than outflows
inflows are equal to income
If you discover that you have a budget deficit, how should you fix the problem?
increase inflows
increase inflows and decrease outflows
decrease outflows
it's not really a big problem. maybe it will fix itself.
According to financial experts, what portion of your income should be devoted to wants?
20%
30%
40%
50%
Clothing is usually considered a want.
True
False
Which of the following is not usually considered a need?
clothing
mortgage
grocderies
gasoline
Which of the following is not usually considered a want?
entertainment
cable TV
a car payment
rent
Which of the following is considered passive income?
your paycheck
profit from selling a house
profit from selling a stock
rent received from a rental property
Money earned from working is
passive income
earned income
portfolio income
working income
Money earned from the sale of investments is known as
passive income
earned income
working income
portfolio income
Zara goes to the mall with her friends, who all buy new shoes. Zara hadn’t planned to buy new shoes that today, but she bought shoes just like her friends. This is an example of
peer pressure
family dynamics
personal preference
effective marketing
Store brands are often made in the same factory as name brands.
True
False
Generally speaking the ___________ quality, the ___________ the price.
higher; higher
higher; lower
lower; higher
there is no relationship between price and quality
You and a friend go to eat at a sit-down style restaurant. At the end of the meal, your server presents you the bill for $15.00. What is an appropriate tip for your server?
15% ($2.25)
5% ($.75)
10% ($1.50)
30% ($4.50)
In a budget, a(n) ____ is anything you owe.
liability
asset
net worth
budget
A(n) ____ is anything of value that you own.
asset
liability
net worth
budget
Darion’s assets total $50,000 and his liabilities total $40,000. What is his net worth?
$10,000
$90,000
80%
20%
Dawn has a retirement account. Which of the following best describes this account?
asset
liability
net worth
budget
