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Personal Finance - Education, Careers & Entrepreneurship

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.

Your line of work -

a)

career

b)

job

c)

employer

d)

employee

2.

Money which is taken out from you paycheck for taxes is called:

a)

employee benefits

b)

take-home pay

c)

withholding

d)

net pay

3.

Income from investments, interests, and earnings, including the sale of an investment at a higher price than you paid for it:

a)

earned income

b)

portfolio income

c)

passive income

d)

responsible income

4.

The total amount an employee is paid along with any benefits the employee receives:

a)

salary

b)

profit

c)

wages

d)

compensation

5.

Payment for work, usually calculated in periods of an hour:

a)

compensation

b)

wages

c)

salary

d)

profit

6.

When income is greater than expenses:

a)

profit

b)

loss

c)

income

d)

benefits

7.

Income produced by working at a job as an employee

a)

earned income

b)

passive income

c)

portfolio income

d)

free income

8.

Payment for work, usually calculated in periods of a week or longer:

a)

wages

b)

tuition

c)

salary

d)

income

9.

A person who works for someone else in exchange for money:

a)

employee

b)

employer

c)

staffer

d)

stocker

10.

The amount of money you get to take home after taxes and deductions:

a)

salary

b)

gross pay

c)

take-home pay

d)

wages

11.

When it comes to selecting the right career, it is important to consider all of the following except:

a)

your interests

b)

your strengths

c)

what you love to do

d)

which career your best friend has selected

12.

Studies show that you are likely to make more money over your lifetime with a college degree:

a)

true

b)

false

13.

All professions require a four-year college degree:

a)

true

b)

false

14.

A person who organizes and runs a business - and assumes the risks associated with the business.

a)

manager

b)

entrepreneur

c)

CEO

d)

president

15.

What percentage of teens wants to start their own business

a)

10%

b)

27%

c)

42%

d)

75%

16.

Income earned from things you own such as houses, land or other buildings as well as money earned from books, software, or music you have written

a)

earned income

b)

passive income

c)

portfolio income

d)

free income

17.

Which of the following is NOT a good way to discover information about a career that seems interesting to you

a)

ask questions of someone in that career

b)

search the Internet for information

c)

pick a career from a help-wanted ad

d)

job shadowing or and internship in that career

18.

Non-wage compensation provided by your employer is called your:

a)

withholdings

b)

employee benefits

c)

take-home pay

d)

income

19.

Which of the following are not considered post-secondary education:

a)

college

b)

trade school

c)

on-the-job training

d)

cross training

20.

Which of the following is NOT a cost you should consider when choosing a college?

a)

books

b)

housing

c)

food

d)

health care

21.

Which of the following would not be included in an employee compensation package in addition to what you get paid?

a)

health insurance

b)

overtime

c)

sick leave

d)

vacation time

22.

Which is not a good trait for an entrepreneur?

a)

grumpy

b)

creative

c)

leader

d)

driven

e)

confident

23.

Which are the correct amounts withheld for Social Security and Medicare taxes from a person's paycheck?

a)

Social Security tax (8.2%), Medicare tax (2.45%)

b)

Social Security tax (10.2%), Medicare tax (4.45%)

c)

Social Security tax (3.2%), Medicare tax (3.45%)

d)

Social Security tax (6.2%), Medicare tax (1.45%)

24.

A tax that takes a larger percentage of income from high-income groups than from low-income groups.

a)

voluntary tax

b)

federal tax

c)

progressive tax

d)

sales tax

25.

The federal agency that collects income taxes in the United States.

a)

Internal Revenue Service

b)

Internal Tax Service

c)

Department of Income Service

d)

Department of Economic Revenue