WorksheetsSocial Studies Personal Finance Part 1
Total questions: 14
Worksheet time: 14mins
Every year, prices of goods and services tend to go up. This idea is called...
Purchasing power
Inflation
Gross Pay
Net Pay
What do you call a person who creates and runs his or her own business?
Inflation
Entrepreneur
Profit
Gross Pay
What do you call the amount of money collected by the government to pay for public programs and projects?
Stocks
Tax
Insurance
Gross pay
In the book, there are seven different ways to earn income. List down three of those ways to make money.
A student works part-time at a cafe for 15 hours a week. He earns $8.00 for every hour he works. What is his gross pay for two weeks (one paycheck)?
$120.00
$2,400.00
$240.00
$1,200.00
Gross Pay is the amount of money remaining from a paycheck after deductions.
True
False
Net Pay is the amount of money remaining from a paycheck after deductions.
True
False
Tax that is based from a person's total income
Estate Tax
Income Tax
Excise Tax
If a person's Gross Pay for two weeks is $300.00, the amount deducted for FICA (6.2%) is...
$186.00
$1.86
$18.60
$18.06
If a person's Gross Pay for two weeks is $300.00, the amount deducted for Medicare (1.45%) is...
$435.00
$4.35
$43.50
$4.53
Based on the tax table on the board, if an employee's bi-weekly gross pay is $1,200.00, how many percent does she have to pay for Chapter 2 Tax?
5%
6%
7%
8%
True or False, a person's purchasing power goes down if prices or goods and services go up because of higher inflation.
True
False
What do you call the money that is left after you pay all of your expenses (Ex: rent, utilities, food)
Tax
Discretionary Income
Disposable Income / Net pay
Gross Pay
What is another term for net pay that means the money remaining from a paycheck after deductions?
Tax
Disposable Income
Discretionary Income
Gross Pay
