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Worksheets

Multiple Choice

Total questions: 28

Worksheet time: 9mins

Name
Class
Date
1.

Provides medical benefits to those 65 or older is _________________________________.

a)

Medicare

b)

Medicaid

c)

Social Security

d)

Veterans Health Administration

2.

Usually the largest withholding from your paycheck and the amount depends on how much money you made and what you indicated on your W4.

a)

FICA

b)

State Tax

c)

Medicare

d)

Federal Tax

3.

Your pay after deductions are taken out is called _________________________________.

a)

net pay

b)

gross pay

c)

base salary

d)

total earnings

4.

Government agency that collects taxes and enforces tax laws is called _________________.

a)

Internal Revenue Service (IRS)

b)

Federal Tax Authority (FTA)

c)

National Tax Agency (NTA)

d)

Revenue Collection Department (RCD)

5.

Form you complete when you begin a new job so the employer knows how much to withhold from your paycheck for federal tax.

a)

W-4 Form

b)

W-2 Form

c)

I-9 Form

d)

1099 Form

6.

The source for retirement income or income for disabled people is ___________________.

a)

Social Security

b)

Medicare

c)

Unemployment Benefits

d)

Food Stamps

7.

Amount of money you earned before deductions are taken out.

a)

Gross income

b)

Net income

c)

Disposable income

d)

Taxable income

8.

Social Security and Medicare together called ___________________.

a)

Mandatory Tax

b)

Optional Taxes

c)

FICA

d)

Tax

9.

January 1 through today is called _____________________________________________.

a)

Year-to-date

b)

Fiscal year

c)

Calendar year

d)

Quarter-to-date

10.

You would apply for this in order to borrow money from the bank.

a)

loan

b)

credit card

c)

savings account

d)

mortgage

11.

You use this to withdraw money from your checking account. _______________________

a)

ATM

b)

Credit Card

c)

Checkbook

d)

Online Banking

12.

Form that you receive that recaps the total amount you earned how much tax was withheld from the previous year.

a)

W-4

b)

W-2

c)

I-9

d)

W-8

13.

When you go into the bank to deposit money, you use this form to indicate how much money you are putting into your account.

a)

Blank endorsement

b)

Special endorsement

c)

Debit Card

d)

Deposit Slip

14.

The bank will sometimes charge you if you overdraw on your account or if you use an ATM that is from a different bank. These charges are called…

a)

Endorsements

b)

Bank fees

c)

Loans

d)

W2

15.

Learning about money, personal budgeting, and how to manage money, is called this…

a)

Consumer spending

b)

Debt

c)

Financial Literacy

d)

Wants and Needs

16.

When you have an obligation to repay someone or some company, it is called this…

a)

Debt

b)

Deposit

c)

401K

d)

Pay period

17.

When you borrow money from a bank, they will charge you an amount to borrow the money. What is it called?

a)

Loan

b)

Interest

c)

Bank fees

d)

Direct deposit

18.

Everyone has needs and wants. How well you manage your needs and wants is mostly dependent upon your…

a)

behavior

b)

math knowledge

c)

income

d)

check register

19.

When reconciling your checking account register, you compare it to this...

a)

Bank fees

b)

Deposit slip

c)

Monthly bank statement

d)

Your bills

20.

This is used to keep track of all your transactions in your checking account.

a)

Savings account

b)

Interest

c)

Check register

d)

Budget

21.

When writing a check for $1,766.89, which of the following would be the best way you would write the amount on the check in words?

a)

One thousand seven hundred sixty six dollars and eighty nine cents

b)

Seventeen hundred sixty six

c)

Seven and sixty and six -------------------- 89 cents

d)

One thousand dollars, seven hundred and sixty six dollars and eighty nine

22.

Reconcile your check register against your monthly bank statement is done to make sure the transactions in your register match the transactions in your bank statement.

a)

True

b)

False

23.

When you open an account in a credit union, you actually become a member of that credit union.

a)

True

b)

False

24.

FDIC protects you by insuring your money in the bank up to __________

a)

$100,0000

b)

$5,000

c)

$55,000

d)

$250,000

25.
  • Due to insufficient funds, or not enough money in the account to cover the check written

a)

Check Issue

b)

Boucing a Check

c)

Overdraft fee

d)

Checking Account

26.

When addressing an envelope, the person’s address you are mailing to is written in the middle of the envelope.

a)

True

b)

False

27.

Non-profit financial institution owned by members who have something in common.

a)

Bank

b)

Credit Union

c)

Both

28.

If my hourly rate is $18.00, what is my overtime rate?

a)

$25.00

b)

$24.50

c)

$27.00

d)

$26.00