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WorksheetsFinancial Management & Budgeting Unit Test
Total questions: 20
Worksheet time: 10mins
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?
$35.18
$26.10
$19.15
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?
$31.00
$52.15
$6.50
Reese’s gross pay is $1,900.00. All of his deductions total $550. What is his net pay?
$680.00
$19.99
$1350.00
The total money you get to “take home” from your paycheck after taxes and deductions is
Gross Pay
Net Pay
"The Bag"
The total money earned in your paycheck before taxes and deductions is
Gross Pay
Net Pay
"The Bag"
True or False, The following statement is a SMART goal: “I want to make all As.”
True
False
Which of the following is not usually considered a need?
Food
Shelter (Somewhere to live)
A Pair of Jordan 12's
A mortgage payment is an example of a
Periodic Expense
Fixed Expense
Variable Expense
True or False, Clothing is usually considered a want.
True
False
According to financial experts, what portion of your income should be devoted to needs?
50
20
30
According to financial experts, what portion of your income should be devoted to wants?
50
20
30
According to financial experts, what portion of your income should be devoted to savings?
50
20
30
What best defines a budget?
A plan people usually don't follow.
Simply a good thing to have.
A plan for earning and spending money.
The S in SMART Goals stands for
Specific
Similar
Sporty
The M in SMART Goal stands for
Meaningful
Measurable
Merciful
The A in SMART Goal Stands for
Acceptable
Achievable
Attainable
The R in SMART Goal stands for
Respectful
Reasonable
Relevant
The T in SMART Goal Stands for
Timely
Terrific
Tardy
Which of the following is considered as portfolio income?
Money earned from working
A tip given to a waiter
Earnings from stocks
Which of the following is not an inflow?
Passive Income
Savings
Earned Income
Portfolio Income
