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Credit & Paycheck Vocabulary Test

Total questions: 65

Worksheet time: 38mins

Name
Class
Date
1.

If Darien earns $120 net pay each paycheck and receives a paycheck each week, there are 52 weeks in a year; how much should he include as earnings in his yearly budget?

a)
$6,220
b)
$6,000
c)
$6,240
d)
$5,760
2.
Which is bigger, gross pay or net pay?
a)
gross pay
b)
net pay
3.
Totals all of the deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub
a)
payroll withholdings
b)
income tax
c)
social security
d)
year to date
4.
Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income
a)
gross pay
b)
withholdings
c)
net pay
d)
real pay
5.
A health care program for the elderly and disabled
a)
social security
b)
medicare
c)
state income tax
d)
federal income tax
6.
Helps provide retirement income for the elderly and pays disability benefits
a)
medicare
b)
social security
c)
state income tax
d)
federal income tax
7.
Total amount paid to an employee each pay period, including regular pay, overtime pay, and other taxable earnings (such as reimbursements)
a)
net pay
b)
gross pay
c)
payroll deductions
d)
none of these
e)

Total pay

8.
The length of time for which an employee’s wages are calculated
a)
payday
b)
pay period
c)
payroll
d)
direct deposit
9.
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
10.
The form that determines the amount of money withheld for taxes is called a: 
a)
w4
b)
i9
c)
w2
d)
1040ez
11.

Uses an electronic transfer from your checking account to pay for items right away

a)

Cash

b)

Check

c)

Debit Card

d)

Credit Card

12.

Multiplying a worker’s hourly wage amount and hours worked per pay period equals?

a)

pay period

b)

salary

c)

gross pay

d)

net pay

13.

A fixed amount of money per year paid to an employee to do a job is known as a _____?

a)

hourly rate

b)

deduction

c)

overtime pay

d)

salary

14.

What is a deduction?

a)

the total income for a pay period

b)

net pay

c)

the amount of money subtracted from your paycheck

d)

overtime pay

15.

How much did Jose earn this pay period? *Before deductions were taken out

a)

$1335.00

b)

$445.00

c)

$340.52

d)

None of the above

16.

How much money did Jose take home this pay period?

a)

$340.52

b)

$445.00

c)

$1,021.56

d)

None of the above

17.

How much has Jose paid in Social Security Tax since the beginning of the year?

a)

$82.77

b)

$27.59

c)

$19.35

d)

None of the above

18.

How much has Jose paid in Disability tax so far this year?

a)

$.60

b)

$1.80

c)

$5.34

d)

None of the above

19.

How much Medicare tax has been deducted from his current pay?

a)

$1.80

b)

$16.02

c)

$6.45

d)

None of the above

20.

What is the total amount of Jose’s deductions for this paycheck?

a)

$104.48

b)

$104.84

c)

$68.39

d)

None of the above

21.

How many vacation days does Jose have left? (8 hours count as 1 day.)

a)

1

b)

3

c)

24

d)

None of the above

22.

Brenda’s net pay is $525/week. Her gross is $700. How much money is deducted from her paycheck each week?

a)

$525.00

b)

$700.00

c)

$175.00

d)

$125.00

23.
How many hours were worked this pay period?
a)
28
b)
40
c)
80
d)
50
24.
What is the NET pay if $128.08 is deducted from a $520 paycheck?
a)
$648.08
b)
$391.92
c)
391.92
d)
$3,919.20
25.

How much is their net pay?

a)

458.80

b)

360.41

c)

11.47

d)

98.39

26.

How much does she pay for federal income tax?

a)

27.53

b)

0

c)

6.05

d)

45.58

27.

Overtime kicks in after ______ hours of work per week.

a)

35

b)

45

c)

40

d)

20

28.

Deductions are optional

a)

True

b)

False

29.

YTD means ....

a)

Year to Date

b)

Years to Deductions

c)

Your total Deductions

30.

Something of value that a borrower lets the lender claim if a loan is not repaid.

a)

Loan

b)

Debt

c)

Credit

d)

Collateral

31.

Is the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.

a)

Loan

b)

Debt

c)

Credit

d)

Collateral

32.

Is a loan that does not have collateral pledged against it.

a)

Closed-end Credit

b)

Secured Loan

c)

Open-end Credit

d)

Unsecured Loan

33.

Is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

a)

Loan

b)

Debt

c)

Credit

d)

Collateral

34.

Is a loan in which the borrower pledges some asset as collateral.

a)

Closed-end Credit

b)

Secured Loan

c)

Open-end Credit

d)

Unsecured Loan

35.

The total amount of money owed lenders or creditors.

a)

Loan

b)

Debt

c)

Credit

d)

Collateral

36.

There is not a set payoff date for the credit.

a)

Closed-end Credit

b)

Secured Loan

c)

Open-end Credit

d)

Unsecured Loan

37.

The annual rate of interest that is charged for using credit

a)

APR

b)

Fixed Rate

c)

Variable Rate

d)

Finance Charge

38.

Amount of money borrowed.

a)

Revolving Credit

b)

Principal

c)

Installment Credit

d)

Term

39.

Is the dollar amount it costs to use a credit card.

a)

APR

b)

Fixed Rate

c)

Variable Rate

d)

Finance Charge

40.

The amount of time you have to pay the loan back.

a)

Revolving Credit

b)

Term

c)

Installment Credit

d)

Repossession

41.

The cost to borrow money which has to be paid.

a)

Revolving Credit

b)

Interest

c)

Principal

d)

Term

42.

Failure to pay back a loan.

a)

Default

b)

Interest

c)

Principal

d)

Repossession

43.

A person who agrees to pay a borrower's debt if he or she defaults on the loan.

a)

Borrower

b)

Lender

c)

Joint Applicant

d)

Co-signer

44.

There is a set payoff date for the credit.

a)

Closed-end Credit

b)

Secured Loan

c)

Open-end Credit

d)

Unsecured Loan

45.

A tax on income to fund the social security benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.

a)

FICA - Medicare

b)

FICA - Social Security

c)

Federal Income Tax

d)

State Income Tax

46.

Information about your paycheck and benefits

a)

statement of earnings

b)

income

c)

withholding

d)

direct deposit

47.

Perks provided to employees (example: health insurance)

a)

FICA

b)

benefits

c)

federal income tax

d)

net pay

48.

Social security tax supports....

a)

retired workers

b)

disabled individuals

c)

widows/widowers and children of workers that died

d)

all of the above

49.

Items you need for your job that are not provided by your employer (safety shoes, uniforms, hard hats, safety glasses)

a)

deductions

b)

job-related expense

c)

clothing

50.

Less than 40 hours per week

a)

part time

b)

full time

c)

half time

51.

Social Security Number

a)

SSN

b)

YTD

c)

W-4

d)

SUI

52.

A tax on the value of a property that is often used for education, parks and rec, and transportation

a)

Positive Tax

b)

Properly Tax

c)

Property Tax

d)

Proportional Tax

53.

Deposit

a)

Add

b)

Subtract

54.

Debit

a)

Add

b)

Subtract

55.

Withdrawal

a)

Add

b)

Subtract

56.

Credit

a)

Add

b)

Subtract

57.

What do I write when I want to cancel a check?

a)

Null

b)

Void

c)

Balance

d)

Nevermind

58.

What is another name for the total in your checking account?

a)

deposit

b)

void

c)

withdrawal

d)

balance

59.

Most employers offer to pay a portion of a premium for this benefit option?

a)

Retirement Savings

b)

State Income Tax

c)

Insurance

d)

All of the Above

60.

Employees have deductions taken out of their paychecks. Identify which are considered "elective" - not required by the government.

a)

Life Insurance

b)

Social Security

c)

Dental Insurance

d)

401 (K) or 403 (B)

61.

The time it takes for money to move from one account to another (e.g. from checking to cash, or from one checking account to another).

a)

Overhauling

b)

Over ride

c)

Clearing

d)

Balance out

62.

Moving money from one account to another.

a)

deduction

b)

addition

c)

transfer

d)

withdrawal

63.

A bank account that allows quick access to money for everyday expenses.

a)

Checking Account

b)

Savings Account

c)

Debit Card

d)

Credit Card

64.

Employees have deductions taken out of their paychecks. Identify which are considered required by the government.

a)

State Income Tax

b)

Federal Income Tax

c)

Dental Insurance

d)

Social Security

65.

I signed up for direct deposit, so I won't get a physical check with my pay stub

a)

TRUE

b)

FALSE

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