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PFL Review - Paycheck, Budgeting, Credit

Total questions: 50

Worksheet time: 2hrs 38mins

Name
Class
Date
1.

Want or Need?

a)
b)
2.

Want or Need?

a)
b)
3.

Want or Need?

a)
b)
4.

Going to the Movies

a)

Variable Expense

b)

Fixed Expense

5.

Cable Bill

a)

Fixed Expense

b)

Variable Expense

6.

Which of the following may NOT always appear on your paycheck stub?

a)

Gross Pay

b)

Net Pay

c)

Your Role/Title

d)

Local Tax

7.

Which of the following is generally the most expensive category in a person’s budget?

a)

Healthcare

b)

Clothing

c)

Transportation

d)

Housing

8.

The amount of money you take home is called your

a)

Net Pay

b)

Gross Pay

c)

Total Pay

d)

Available Pay

9.

The amount of money you make is called:

a)

Taxes

b)

Net Pay

c)

Gross Pay

d)

Available Pat

10.

In budgeting which number should always be the largest?

a)

Gross Income

b)

Net Income

c)

Taxes

d)

Disposable Income

11.
Preparing a budget includes
a)
Income, Expenses, Saving
b)
Only listing your expenses
c)
Only listing your debts
d)
Only listing your income
12.
Examples of Fixed Expenses include:
a)
Mortgage, loans, rent
b)
Cable, entertainment, food
c)
Gas, food, phone
d)
Clothing, gas, food
13.
Utilities
a)
Fixed Expenses
b)
Variable Expenses
14.
Gas
a)
Fixed Expense
b)
Variable Expense
15.
Budgeting is crucial to your financial success.
a)
True
b)
False
16.

If an expense can NOT be removed from your budget to save money, it is considered a _____.

a)

Income

b)

Want

c)

Need

d)

Savings

17.

A financial plan is called a

a)

budget

b)

tax

c)

allowance

d)

income

18.

A 9th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.

a)

income

b)

needs

c)

outflow

d)

wants

19.

Of all the choices, which one should you budget for first?

a)

Groceries

b)

Entertainment

c)

Cell Phone Bill

d)

New Car

20.

What is a budget?

a)

A calendar used to plan out your activities for the month

b)

A plan for spending and saving your money

c)

A plan to manage your time for the day

d)

A type of savings account

21.

What is income?

a)

The money that you earn

b)

The money that you spend

c)

Making a withdrawal

d)

Making a phone call

22.

What is net pay?

a)

The money that you earn before taking out deductions

b)

The money that you earn after taking out deductions

23.

What is gross pay?

a)

The money that you earn before taking out deductions

b)

The money that you earn after taking out deductions

24.

Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?

a)

$8.00

b)

$80.00

c)

$80.00, minus any taxes she has to pay

d)

$80.00, plus any taxes she has to pay

25.

Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?

a)

$50.00

b)

$200.00

c)

$250.00

d)

$450.00

26.

A paycheck consists which of the following? (Select two)

a)

Check

b)

Paystub

c)

Permission slip form

d)

Waiver form

27.

What is a tradeoff?

a)

Something you gain or lose when making a decision

b)

A way of making money

c)

A way to save money

d)

A way to spend money

28.
Are deductions added or subtracted from income ?
a)
Subtracted
b)
Added
29.
What is gross income?
a)
Take home pay
b)
Total amount of wages after deductions
c)
Total amount of wages before payroll deductions
d)
Amount the employer keeps
30.
What is net income?
a)
Amount of money earned after deductions
b)
Cost of lifetime allowance
c)
Amount of money earned before deductions
d)
Keeping your money in a net
31.

What's a pay period?

a)

The length of time for which an employee's wages are calculated; most are weekly, bi-weekly, twice a month or monthly.

b)

It's a time sheet.

c)

a paper document issued by an employer to pay an employee for services rendered

32.
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
33.
Which is bigger, gross pay or net pay?
a)
gross pay
b)
net pay
34.
money that is subtracted from your paycheck and given to your state's government to help run the state
a)
Local Tax
b)
State Tax
c)
Federal Tax
35.

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)

36.

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

a)

$525

b)

$125

c)

$175

d)

Nothing

37.

Ruth earns $13.25/hour. She works 40 hours/week. $90.72 is deducted each week. What’s her net pay?

a)

$439.28

b)

$530

c)

$493.43

d)

$90.72

38.

YTD stands for

a)

Your Taco Deal

b)

Year to Date

39.

Federal taxes, state taxes and FICA tax are classified as

a)

Mandatory and standard deductions

b)

Voluntary deductions

40.

Julie works 45 hours at her job that pays $10 per hour. What will be her total gross pay?

a)

$475

b)

$450

c)

$530

41.
a)

Credit card

b)

signature

c)

ATM

42.
a)

currency

b)

withdraw

c)

signature

43.

To take money out of your bank account.

a)

deposit

b)

withdraw

c)

coins

44.
a)

debit card

b)

withdraw

c)

bills

45.

To put money into your bank account

a)

deposit

b)

withdraw

c)

teller

46.
What is a credit score?
a)
What lenders use to see if you are able to pay back credit
b)
3 numbers
c)
What your score on a test is that was worth credit
47.
Which of the following is an ADVANTAGE of credit?
a)
No need for carrying cash
b)
Annual Fees
c)
Interest Rates
48.
When should you use a credit card?
a)
For large purchases!
b)
When I'm hungry
c)
Only for small purchases
d)
Never.
49.

Money is withdrawn directly from a checking or savings account.

a)

Debit Card

b)

Credit Card

c)

Both

50.

Each purchase is a loan that is repaid later.

a)

Debit Card

b)

Credit Card

c)

Both

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