WorksheetsPersonal Financial Literacy Review
Total questions: 39
Worksheet time: 1hrs 6mins
What is the definition of disposable income according to the text?
The amount of money earned before any deductions are subtracted.
The amount of money remaining after taxes have been deducted that a person can save or spend as he or she wishes.
The total amount of money paid to an employee to do a job.
The amount of money a worker earns per hour worked.
What does the Fair Labor Standards Act establish about overtime pay?
Overtime is paid at the same rate as regular pay.
Overtime is not required for hours worked over 40 per workweek.
Overtime is time worked beyond an employee's regular hours and is paid at one and one-half times the regular rate of pay.
Overtime is only for salaried workers.
How many pay periods per year does a bi-weekly pay schedule have?
52
26
24
12
What is a salary?
The amount of money a worker earns per hour worked.
The amount of money remaining after taxes have been deducted.
A fixed amount of money paid to an employee to do a job regardless of hours worked.
The amount of money earned before any deductions are subtracted.
What is gross pay?
The amount of money remaining after taxes have been deducted.
The amount of money a worker earns per hour worked.
The amount of money earned before any deductions are subtracted.
The fixed amount of money paid to an employee to do a job.
Chris worked 51 hours in total last week. How many overtime hours did he work?
9 hours
11 hours
40 hours
51 hours
Explain the difference between an hourly wage and a salary.
An hourly wage is paid based on the number of hours worked, while a salary is a fixed amount paid regardless of hours worked.
An hourly wage is a fixed amount paid regardless of hours worked, while a salary varies based on the number of hours worked.
An hourly wage and a salary are both paid once per month.
An hourly wage is paid once a week, while a salary is paid twice per month.
What is the difference between a pay period and a payday?
A pay period is the time frame in which work is performed and a payday is when the worker receives payment for that period.
A pay period is when the worker receives payment and a payday is the time frame in which work is performed.
A pay period and a payday both refer to the same day when a worker is paid.
A pay period is the amount of money received, while a payday is the date it is received.
Which pay frequency corresponds to being paid every 2-weeks with 26 pay periods per year?
(a)
Which pay frequency corresponds to being paid once per month with 12 pay periods per year?
(a)
Which pay frequency corresponds to being paid twice per month with 24 pay periods per year?
(a)
Which pay frequency corresponds to being paid once per week with 52 pay periods per year?
(a)
What are deductions on a paycheck?
Amounts of money added to a worker's gross pay
Amounts of money subtracted from a worker's gross pay
The total amount of money a worker earns
The amount of money a worker receives after taxes only
Which of the following is NOT a required deduction from a worker's paycheck?
Federal taxes
State taxes
Charitable contributions
FICA (Social Security and Medicare)
What is net pay?
The amount of money a person earns before any deductions
The amount of money a person earns after all deductions
The total amount of deductions from a paycheck
The amount of money a person earns from overtime only
Which of the following is NOT a deduction required by law to be subtracted from most workers' gross pay?
Federal income taxes
State income taxes
Healthcare Insurance
FICA taxes
How do deductions affect the amount of a paycheck?
Deductions increase the amount of a paycheck.
Deductions do not affect the amount of a paycheck.
Deductions decrease the amount of a paycheck.
Deductions are only listed for informational purposes and are given back at the end of the year.
What is the difference between gross pay and net pay?
Gross pay is before taxes, and net pay is after taxes.
Gross pay is after taxes, and net pay is before taxes.
Gross pay and net pay are the same.
Net pay includes bonuses, while gross pay does not.
What deductions are required by U.S. law?
Health insurance and retirement fund contributions.
Social Security and Medicare taxes.
Union dues and charitable contributions.
Life insurance premiums and 401(k) contributions.
What types of deductions are optional?
Social Security and Medicare taxes.
Health insurance premiums and retirement plan contributions.
Federal and state income taxes.
FICA and unemployment taxes.
How many hours are considered to be a full work week?
8 hours
20 hours
30 hours
40 hours
When someone works overtime and earns time and a half, what should you multiply their hourly wage by to figure out their overtime rate?
5
2.5
2
1.5
A pay stub...
explains how much money was earned and the types of deductions and amounts withheld from a worker’s paycheck.
is time worked beyond an employee’s regular hours.
he amount of money remaining after taxes have been deducted that a person can spend as he/she wishes.
is the amount of money you earn after deductions are subtracted.
How much is this person paid per hour?
$12
$20
$24
$30
What is John Smith's year to date net pay?
$30,400.00
$2292.74
$580.00
How much was held out for State Taxes in this paycheck?
$23.20
$3.71
$116.00
What was the largest deduction for this pay period?
FICA Medicare Tax
FICA Social Security Tax
Federal Tax
NC State Tax
Review this Pay Stub. Is this employee paid Weekly, Biweekly, Monthly, or Annually?
*click on the picture to enlarge
Weekly
Biweekly
Monthly
Annually
YTD stands for:
Yes to Dancing
Your Team Discussion
Year to Date
Rate of Pay= $14.50
Hours= 10
What is the gross pay?
$145.00
$1450.00
$150.90
$154.00
If an employee works 40 hours in a week at an hourly wage of $15, what is their regular pay?
$400
$800
$600
$300
What is the formula to calculate gross pay?
Gross Pay = (Number of hours worked) x (Hourly rate of pay)
Gross Pay = (Number of hours worked) + (Hourly rate of pay)
Gross Pay = (Number of hours worked) / (Hourly rate of pay)
Gross Pay = (Number of days worked) x (Hourly rate of pay)
If an employee works 35 hours in a week at an hourly wage of $18, what is their gross pay?
$630
$455
$720
$560
How many hours are considered to be a full work week?
8 hours
20 hours
30 hours
40 hours
Harvey worked 36 hours this week. He earns $28.46 an hour. How much did he earn this week?
$1024.56
$1138.40
$1423.00
Overtime is your normal hourly wage times (a) for every hour you work over 40 hours in a day.
Net Pay is...
pay you get after deductions
pay you get before deductions
gross pay
regular pay + overtime pay
What is Melissa's OVERTIME rate per hour if her regular rate is $10.75? (Remember, we use 1.5 when calculating our overtime rate and we round to two decimal places)
$15.38
$16.13
$53.75
$12.25
What are your total deductions, if you deductions are as follows: Federal Tax $154.53, Social Security $56.74, Medicare $14.15, and health insurance premiums $48?
$236.47
$198.47
$190.80
$273.42
