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Module 1 Review (Personal Finance)

Total questions: 44

Worksheet time: 24mins

Name
Class
Date
1.

Received in January, you receive one for every job you work (where you are considered an “employee”), and you can tell how much you earned and how much you paid in taxes by reading this form

a)

I-9

b)

W-2

c)

W-4

d)

1099 MISC

e)

1040

2.

Received in January if you are not an employee but were paid by a company. You were most likely listed as a "contractor" and you probably didn’t get taxes withheld from your paychecks so you may have a big tax bill coming up!

a)

I-9

b)

W-2

c)

W-4

d)

1099 MISC

e)

1040

3.

Required to be filled out by the 15th of April every year. There is a LOT of information to fill out such as total income earnings, deductions, exemptions, etc.

a)

I-9

b)

W-2

c)

W-4

d)

1099 MISC

e)

1040

4.

Received whenever you start a job and you are considered a "paid employee". You list information about yourself and your family and dependents. This form determines how much money gets taken out of each one of your paychecks

a)

I-9

b)

W-2

c)

W-4

d)

1099 MISC

e)

1040

5.

Received whenever you start a job. This form is used to prove that you are eligible to work in the U.S. You must provide various forms of identification when submitting this form.

a)

I-9

b)

W-2

c)

W-4

d)

1099 MISC

e)

1040

6.

Select all of the following ways you can receive the HOPE scholarship.

a)

3.0 or higher GPA

b)

2.75 or higher GPA

c)

21 Composite ACT Score

d)

25 Composite ACT Score

e)

Take and pass 3 or more AP classes

7.

​According to this document, where does this employee work?

a)

ABC Enterprises

b)

John Doe Enterprises

c)

East 12th Street Administration

d)

Department of Treasury

8.

Out of the following list, which would be the best type of financial aid for college students?

a)

Work Study

b)

Unsubsidized loans

c)

Grants/scholarships

d)

Subsidized loans

9.

The goal of the Tennessee Promise is to...

a)

pay all costs of attending any four-year university within the United States.

b)

pay all costs of attending any four-year university in the state of Tennessee.

c)

pay all costs of attending a two-year community college or vocational school in Tennessee.

d)

pay all student loan debt for all Tennesseans regardless of age.

10.

Which of the following is the best definition of gross pay?

a)

Your actual salary before deductions

b)

The amount of pay you actually take home

c)

Your salary minus income taxes only

d)

Your pay minus any insurance deductions

11.

According to the tax document, what is the additional amount Mr. Khan wants taken out of each check for federal withholding?

a)

$100.00

b)

$50.00

c)

10% of his income

d)

$500.00

12.

Which of the following is the most accurate definition of net pay?

a)

Your amount of pay before any deductions

b)

The amount of pay you take home after all deductions

c)

Your amount of pay minus income-tax deductions only

d)

Your amount of pay minus any insurance deductions

13.

When does an employee fill out a W-4?

a)

When the employee starts their first day at their new job

b)

When the prospective employee is at the first job interview

c)

When a prospective employee fills out the initial job application

d)

The employee does not fill this out--the employer does

14.

​According to the document, what is this employee's wages, tips, and other compensations?

a)

$43,189.56

b)

$626.25

c)

$48,276.92

d)

$3,144.08

15.

Tax refunds are received when...

a)

the amount of tax you owe is greater than the tax you paid.

b)

the amount of tax you owe is equal to the tax you paid.

c)

the amount of tax you owe is less than the tax you paid.

16.

Which of the following is NOT typically a deduction that comes out of your paycheck?

a)

Income taxes

b)

Social security taxes

c)

Medicare taxes

d)

Car insurance

17.

Select all answers that apply:

Out of the following, which characteristics are the goal for a resume? Select the 2 best answer choices.

a)

Attract potential employers

b)

Get the employer to call you for an interview

c)

Negotiate your employment

d)

Enroll you in a professional network

18.

Choose all answers that apply:

Out of the following list, what information is important to list in your resume? Select the 3 best answer choices.

a)

Your previous employment experiences and responsibilities

b)

A rationale for why you quit a previous job

c)

The highlight of your education experience

d)

Your contact information

19.

How do you determine the amount of taxes you owe every year?

a)

By paying a flat tax rate

b)

Filing your income tax return

c)

Paying 1/3 of your paycheck

d)

Taxes are optional

20.

According to the tax document, ​what is the total number of allowances claimed by Mr. Khan?

a)

2

b)

3

c)

7

d)

50

21.

In order to apply for money from the government, students must fill out this document every year.

a)

Free Government College Application (FGCA

b)

Free Application for Federal Student Aid (FAFSA)

c)

Free Thrifty Spender Application (FTSA)

d)

Your school's financial aid application only

22.

What kind of degree would you most likely hold after 2 years of college education?

a)

Associates or Trade Certification

b)

Undergraduate/Bachelors

c)

Graduate/Masters/PhD

23.

What kind of degree would you most likely hold after 4 years of college education?

a)

Associates or Trade Certification

b)

Undergraduate/Bachelors

c)

Graduate/Masters/PhD

24.

What kind of degree would you most likely hold after 6+ years of college education?

a)

Associates or Trade Certification

b)

Undergraduate/Bachelors

c)

Graduate/Masters/PhD

25.

​According to the tax document, what is the federal income tax withheld for this employee?

a)

$626.25

b)

$2,677.75

c)

$1659.24

d)

$3,144.08

26.

Multiple Select:

​​Out of the following list, choose the best two factors to consider when choosing between job offers.

a)

Paid Time Off (PTO)

b)

Social Status

c)

Retirement Plans

d)

How often your can sneak out to the movies

e)

How many Christmas parties your company throws

27.

Finish this statement: Generally, the higher level of education, __________________________________________.

a)

the higher potential earning power

b)

the lower potential earning power

c)

makes no difference on what someone gets paid

d)

the larger professional network

28.

The more allowances on the W-4 the ____________________ withholding. The less allowances on the W-4 the ____________________ withholding.

a)

more/less

b)

less/more

c)

same/less

d)

same/same

29.

In which of the following tax systems does the tax rate stay the same as income goes up?

a)

Progressive Tax

b)

Regressive Tax

c)

Proportional Tax

30.

In which of the following tax systems does the tax rate go up as income goes up?

a)

Progressive Tax

b)

Regressive Tax

c)

Proportional Tax

31.

In which of the following tax systems does the tax rate go down as income goes up?

a)

Progressive Tax

b)

Regressive Tax

c)

Proportional Tax

32.

Multiple Select:

​Select the two taxes that make up FICA that your employer must match.

a)

Medicare

b)

Social Security

c)

Federal

d)

Welfare

e)

State

33.

Typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from his gross income in order to figure out how much tax is owed.

a)

Medicare Tax

b)

Income Tax

c)

Deduction

d)

Social Security Tax

34.

Tax imposed on both employers and employees collected in the form of a payroll tax and is mandated by the Federal Insurance Contributions Act (FICA). Employees and Employers BOTH pay 6.4% each.

a)

Medicare Tax

b)

Income Tax

c)

Deduction

d)

Social Security Tax

35.

Tax imposed on both employers and employees collected in the form of a payroll tax and is mandated by the Federal Insurance Contributions Act (FICA). Employees and Employers BOTH pay 1.45% each.

a)

Medicare Tax

b)

Income Tax

c)

Deduction

d)

Social Security Tax

36.

A tax levied by a government and applied to all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains.

a)

Medicare Tax

b)

Income Tax

c)

Deduction

d)

Social Security Tax

37.

A custom-selection benefits plan that allows employees to choose among a variety of offerings to create a benefits package that best meets their needs and those of their family.

a)

Cafeteria-Style Benefits

b)

Pension Plan

c)

Resume

d)

Networking

38.

A retirement plan that requires an employer to make contributions into a pool of funds set aside for a worker's future benefit. The pool of funds is invested on the employee's behalf, and the earnings on the investments generate income to the worker upon retirement.

a)

Cafeteria-Style Benefits

b)

Pension Plan

c)

Resume

d)

Networking

39.

A one-to-two page document which details a brief account of a person’s education, qualifications, and previous experience, typically sent with a job application.

a)

Cafeteria-Style Benefits

b)

Pension Plan

c)

Resume

d)

Networking

40.

The process of interacting with others to exchange information and develop professional or social contacts.

a)

Cafeteria-Style Benefits

b)

Pension Plan

c)

Resume

d)

Networking

41.

Multiple Select:

Out of the list below, select all of the "soft skills". There are three in the list.

a)

Bilingual

b)

Empathy

c)

Creativity

d)

Open-Mindedness

e)

Statistical Analysis

42.

Which of the following statements is true about grants and scholarships?

a)

Grants are awarded primarily based on financial need.

b)

Scholarships are awarded primarily based on merit (academic achievements, extracurriculars, field of study, etc.).

c)

Grants and scholarship do not have to be paid back upon completion of college.

d)

All of the above

43.

Which of the following is NOT a key factor to keep in mind when interviewing for a job?

a)

Be confident and assertive.

b)

Bring extra copies of your resume.

c)

Wear whatever outfit you feel like wearing that day.

d)

Arrive 10 minutes early.

44.

What is true about an unsubsidized loan?

a)

Federal loan you do not have to fully pay back

b)

Federal loan that does NOT accumulate interest

c)

Federal loan that DOES accumulate interest

d)

Private third party loan that DOES accumulate interest