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Wants, needs, values, decision making and Paychecks

Total questions: 40

Worksheet time: 1hrs 9mins

Name
Class
Date
1.

People, things or ideas that are important to you are called:

a)

Needs

b)

Well-being

c)

Values

d)

Wants

2.

Something that is unnecessary to life, but desired.

a)

Need

b)

Well-being

c)

Value

d)

Want

3.

An item that is necessary for life

a)

Need

b)

Well-being

c)

Value

d)

Want

4.

Which of these is an example of a want?

a)

Cell Phone

b)

Water

c)

Food

d)

Shelter

5.

These have long‐term effects on a person’s life. They should be made very carefully and with a lot of thought.

a)

major decisions

b)

decision‐making process

c)

routine decisions

d)

well‐being

6.

These are made on a daily basis and don’t require a lot of time to think through:

a)

major decisions

b)

Well-being

c)

routine decisions

d)

decision

7.

Which of these is an example of a Major Decision?

a)

What to wear in the morning

b)

Saving for a family vacation

c)

What to pack for lunch

d)

Where to sit on the school bus

8.

Is this a want or a need?

a)

Need

b)

Want

9.

Air, shelter, and food are all examples of ______________

a)

needs

b)

wants

10.

Is this a want or a need?

a)

Need

b)

Want

11.
The first step in making a decision is to: 
a)

A. Brainstorm possible solution

b)

B. Identify the problem or situation

c)

C. Consider the consequences

d)

D. Evaluate the decision

12.
The second step of decision making is
a)

List your options/ alternatives and the Pros/Cons

b)
Outline the consequences
c)
Identify the problem
d)
Make the decision
13.
Jake has a history test on Friday. On Thursday night Jake's friend asks him to go to the movies. Jake lists the positives and negative outcomes of each choice. Which step in the decision-making process is this?
a)
A. Evaluate the decision
b)
B. Describe the situation
c)

C. List the alternatives and the Pros/ Cons for each

d)
D. Make a decision
14.
Jana finally decides which sport she is going to  sign up for in the Spring. What step is this in the decision-making model? 
a)
A. Step 2 - consider your options
b)

B. Step 3- Decide and Make a Plan

c)
C. Step 4- Identify your values
d)

D. Step 5 - Evaluate

15.

The process of making a choice or solving a problem.

a)

Decision Making

b)

Experience

c)

Integrity

d)

Values

16.

Why is the last step--evaluate-- important?

a)
A. It helps you to make your decision faster
b)
B. It helps you to think about your decision afterward to see if you would make that same decision again another time.
c)
C.  It helps you always make the perfect decision
d)
D.   It helps you make your decision based on what your friends do.
17.
What is medicare?
a)

Health benefits for the working

b)

Health benefits for the elderly

c)

Health benefits for babies

d)

Disability Insurance

18.
Are deductions added or subtracted from income ?
a)
Subtracted
b)
Added
19.

Which of the following is NOT an example of a normal pay period?

a)

Weekly

b)

Monthly

c)

Yearly

d)

Biweekly

20.
What is gross income?
a)

Take home pay

b)

Total amount of pay after taxes/ deductions

c)

Total amount of pay before taxes/ deductions

d)

Amount the employer keeps

21.
What is net income?
a)

Amount of money earned after taxes/ deductions

b)

Cost of lifetime allowance

c)

Amount of money earned before taxes/ deductions

d)

Keeping your money in a net

22.
Required charges of citizens by local, state, and federal governments are called:
a)
charges
b)
taxes
c)
fees
d)
paycheck deductions
23.
Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes
a)
true
b)
false
24.
Which is the least secure payment method because the employee is responsible for handling it?
a)
payroll card
b)
paycheck
c)
direct deposit
d)
they are all risky
25.
With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account 
a)
paycheck
b)
payroll card
c)
direct deposit
d)
 all are the same
26.
With this type of employee payment, a card electronically carries the balance of the employee’s net income and fees may be charged to use the card.
a)
paycheck
b)
payroll card
c)
direct deposit
d)
none of these
27.
The length of time for which an employee’s wages are calculated
a)
payday
b)
pay period
c)
payroll
d)
direct deposit
28.
Helps provide retirement income for the elderly and pays disability benefits
a)
medicare
b)
social security
c)
state income tax
d)
federal income tax
29.
A health care program for the elderly and disabled
a)
social security
b)
medicare
c)
state income tax
d)
federal income tax
30.

Total amount of all taxes and deducation from January first until the current paycheck is called:

a)

payroll withholdings

b)

income tax

c)

social security

d)

year to date

31.

A part-time receptionist earns $6.75 per hour.  If she works 30 hours, how much will her GROSS pay be?  

a)

$20,250

b)

$202.50

c)

$4.44/ hr.

d)

$23.25

32.

What TWO forms must an employee complete when beginning a new job?

--->(choose two)<----

a)

W4

b)

W2

c)

I9

d)

I4

33.

Andre gets paid $11 per hour. He worked 15 hours last pay period. How much is Andre's gross pay?

a)

$155

b)

$165

c)

$175

d)

$205

34.

How much FICA Medicare tax did John Doe pay in the current pay period?

a)

$58.00

b)

$11.60

c)

$42.25

d)

$48.31

35.

How many hours did this person work this week?

a)

37

b)

19

c)

$11.90

d)

440

36.
A part-time receptionist earns $6.75 per hour.  If she works 30 hours, how much  will she earn?  
a)
$4.44
b)
$202.50
37.

How much was contributed to retirement this pay period?

a)

$200

b)

$220

c)

125.40

d)

$2800

38.

How much is the net pay for John Smith?

(a)  

39.

Where does Jane Doe live?

a)

Colorado

b)

China

c)

California

d)

Alabama

40.

How much money is being deducted out of John's paycheck?

a)

$750.00

b)

$122.90

c)

$122.00

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