WorksheetsBritt Unit 1 Review
Total questions: 31
Worksheet time: 18mins
Once a budget is set you are not to change the budget from month to month
True
False
State income taxes are a mandatory deduction.
True
False
Budgeting is the action of planning and knowing where your money is being spent.
True
False
I claim my allowances on my W2.
True
False
The more skills and knowledge one receives, leads to a better quality of life.
True
False
Banks can charge you an overdraft fee for NSF.
True
False
There is a correlation between the amount one is paid and the unemployment rate. (can refer to earnings and unemployment rates graph)
True
False
When using the PACED decision making model for small decision (Ex: going to eat or what to do on a Friday night) you should always write it down on paper.
True
False
This is pay before deductions.
Gross Pay
Net Pay
Principal Pay
Collateral Pay
This is pay after deductions?
Net Pay
Gross Pay
Principal Pay
Collateral Pay
Which of the following is an example of an optional deduction?
FICA
State Tax
Federal Tax
Vision Insurance
If one was looking to create a budget they would use which of the following as the starting income amount?
Overtime Pay
Gross Pay
YTD
Net Pay
Which is not part of FICA?
Medicare
Health Insurance
Social Security
What is the first step of the PACED model?
Preparing
Problem
Program
Planning
What does the C stand for in PACED?
Critical
Criteria
Creative
Credit
Which of the following is not an example of a want?
Cable
Lunch
Cell Phone
Purse
The normal pay is $6.75 and overtime is $10.13. What is this overtime amount called?
Reverse time
Salary
Peak time
Time and a half
If you use the envelope system for budgeting it means that you use which of the following in the envelope?
Debit Card
Receipts
Cash
Credit Card
Sarah makes $16 an hour. She works 44 hours this week. Optional deductions are $50 for health insurance and $100 for child care. Federal taxes are 8%, State taxes are 7%, and FICA is 7.65%. What is Sarah's NET pay?
$425.55
$587.52
$453.27
$419.30
When we budget or buy things what do we need to know?
How much you will get paid next week.
How much money you have
Weekend plans
What is it called when someone doesn't have enough money in an account to cover a charge?
Insufficient funds
Compound interest
Pending charge
Negative balance
It is important to set aside money in case of …...
a decrease in expenses
income increases
routine expenses
unexpected expenses
Do people get to keep all the money they make at a job?
Yes!
No, you have some money taken out for taxes and other things.
No clue
Is "net pay" the money before or after taxes have been taken out?
before
after
Which of the following is a possible tax or deduction that they may show up on your paycheck?
Federal income tax
Contributions to retirement savings
FICA
All of the above
What does FICA stand for?
Federal Insurance Contribution Act
Free Insurance Cookie Act
Forced Into Cold Air
Fixed Insurance Cold Air
Moving money from one account to another.
SYNONYMS
relocation, removal
deposit
remove
unload
transfer
Which of the following is a mandatory deduction from your paycheck?
Health Insurance
Federal Income Tax
Charity Donation
Gym Membership
What is the term for the total amount of money earned before any deductions?
Net Income
Gross Income
Disposable Income
Adjusted Income
Which of the following is an example of a fixed expense?
Rent
Groceries
Entertainment
Clothing
