WorksheetsFinancial Literacy Ch 2 Vocabulary Review
Total questions: 29
Worksheet time: 15mins
Name
Class
Date
1.
The lowest pay rate allowed by law for each regular hour of work.
a)
minimum wage
b)
overtime pay
c)
commission
d)
disposable income
2.
Pay received for hours worked in addition to regular hours.
a)
minimum wage
b)
overtime pay
c)
commission
d)
disposable income
3.
Money available to spend or save after taxes have been paid.
a)
minimum wage
b)
overtime pay
c)
commission
d)
disposable income
4.
A set fee or percentage of a sale paid to an employee instead of or in addition to salary or wages.
a)
minimum wage
b)
overtime pay
c)
commission
d)
disposable income
5.
Forms of compensation in addition to salary or wages.
a)
benefits
b)
sick leave
c)
personal leave
d)
retirement plan
6.
Paid time away from work due to illness.
a)
benefits
b)
sick leave
c)
personal leave
d)
retirement plan
7.
Paid time away from work for personal reasons.
a)
benefits
b)
sick leave
c)
personal leave
d)
retirement plan
8.
An account into which employees voluntarily contribute a portion of their earnings for their retirement; employers may match these contributions.
a)
sick leave
b)
personal leave
c)
profit sharing
d)
retirement plan
9.
A benefit that allows employees to share a portion of the business’s profits.
a)
sick leave
b)
personal leave
c)
profit sharing
d)
retirement plan
10.
Money received from sources other than working.
a)
unearned income
b)
transfer payments
c)
in-cash payments
d)
in-kind payments
11.
Money and benefits received from local, state, or federal governments.
a)
unearned income
b)
transfer payments
c)
in-cash payments
d)
in-kind payments
12.
Money in the form of a check, a debit card, or other direct payment given to a person needing assistance.
a)
unearned income
b)
transfer payments
c)
in-cash payments
d)
in-kind payments
13.
Payments made indirectly on a person’s behalf or paid in a form other than money.
a)
unearned income
b)
transfer payments
c)
in-cash payments
d)
in-kind payments
14.
Money earned on savings accounts and other funds.
a)
interest
b)
dividends
c)
public goods
d)
in-kind payments
15.
A portion of a corporation’s profits distributed to stockholders.
a)
interest
b)
dividends
c)
public goods
d)
in-kind payments
16.
Government provided goods and services paid for by taxes.
a)
interest
b)
dividends
c)
public goods
d)
in-kind payments
17.
A tax levied as a percentage of the purchase price of goods and services sold to consumers.
a)
sales tax
b)
use tax
c)
excise tax
d)
property tax
18.
A tax charged on the use, storage, or consumption of a good that was purchased in one state but used in another state.
a)
sales tax
b)
use tax
c)
excise tax
d)
property tax
19.
A wealth tax based on the assessed value of owned real estate.
a)
sales tax
b)
use tax
c)
excise tax
d)
property tax
20.
A tax charged on the purchase of specific goods and services.
a)
sales tax
b)
use tax
c)
excise tax
d)
property tax
21.
Total salary or wages earned during a pay period (before taxes).
a)
gross pay
b)
net pay
c)
exemption
d)
dependent
22.
The amount of your paycheck after deductions.
a)
gross pay
b)
net pay
c)
exemption
d)
dependent
23.
A person claimed as a dependent on a tax return.
a)
gross pay
b)
net pay
c)
exemption
d)
dependent
24.
A person who depends on you for more than half of his or her support.
a)
gross pay
b)
net pay
c)
exemption
d)
dependent
25.
A withholding tax that pays for Old-Age, Survivors, and Disability Insurance (OASDI) benefits.
a)
Social Security tax
b)
Medicare tax
c)
workers' compensation
d)
Form W-2
26.
A tax that pays for medical care for retired persons age 65 and older who receive Social Security benefits.
a)
Social Security tax
b)
Medicare tax
c)
workers' compensation
d)
Form W-2
27.
An insurance plan that pays medical and disability benefits to employees injured on the job.
a)
Social Security tax
b)
Medicare tax
c)
workers' compensation
d)
Form W-2
28.
A form used to report taxable income that a worker received during the calendar year.
a)
Form 1040EZ
b)
Medicare tax
c)
workers' compensation
d)
Form W-2
29.
The short tax return form designed for single and joint filers with no dependents or itemized deductions.
a)
Form 1040EZ
b)
Medicare tax
c)
workers' compensation
d)
Form W-2
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