WorksheetsGFL Strand 3, Standard 1: Sources of Income and Job Skills
Total questions: 20
Worksheet time: 10mins
What is a source of income?
A grocery list.
Salary, wages, and tips.
Watching TV.
Spending money at the store.
What are wages?
Money earned hourly or by completing tasks.
Extra money given as a gift.
Money spent on bills each month.
Taxes collected by the government.
What is a commission?
A flat salary earned each month.
A bonus paid for completing training.
Money earned based on sales made.
A fee paid to employees by their company.
What is the purpose of Social Security (FICA)?
To give benefits to workers when they retire.
To pay for student loans.
To save money for emergencies.
To fund business operations.
What is gross income?
The total money earned before taxes and deductions.
The money left after paying bills.
The amount spent on daily expenses.
Money deposited after tax refunds.
What is net income?
The money earned before taxes are taken out.
The amount left after taxes and deductions.
The total amount saved in a year.
The income spent on hobbies.
What is taxable income?
The total earnings after all deductions are subtracted.
All income, including tax-free savings.
Only the amount earned through tips.
A paycheck without any taxes applied.
What does a W-2 form show?
Your yearly earnings and taxes paid.
A list of your monthly expenses.
Your savings and investments.
Your tax refund estimate.
What is the purpose of a W-4 form?
To report your earnings for the year.
To tell your employer how much tax to withhold.
To apply for a job at a company.
To calculate deductions on medical expenses.
What is an I-9 form used for?
To confirm a worker’s identity and legal employment status.
To apply for unemployment benefits.
To calculate tax refunds.
To pay state income taxes.
How does Social Security benefit workers?
It provides savings for future education.
It gives financial support during retirement.
It helps businesses lower wages.
It reduces the amount paid in taxes.
What is the difference between gross income and net income?
Gross income is after taxes, while net income is before taxes.
Gross income is total earnings, and net income is earnings after deductions.
Gross income is what’s left after bills are paid.
Net income includes both wages and tips.
Why is it important to compare income to the cost of living?
To understand if your earnings can cover your expenses.
To see how much money you need for luxury items.
To plan for retirement early.
To calculate yearly tax refunds.
How do state and federal taxes affect wages?
They increase the amount of money workers take home.
They reduce take-home pay through deductions.
They only apply to people earning above a certain limit.
They are refunded at the end of the year.
What is one benefit of filing a tax return?
You may get a refund if you paid too much tax.
You can avoid paying any taxes.
It increases your monthly income.
It reduces the need to pay bills.
Why is it important to review a W-2 form?
It helps you plan for next year’s purchases.
It shows your income and taxes paid for the year.
It replaces the need for a W-4 form.
It calculates your retirement savings.
How does the cost of living impact financial decisions?
Higher costs make it easier to save money.
It determines how much you can afford in different areas.
It encourages people to spend more freely.
It has no effect on long-term goals.
What is a key difference between saving and wages?
Wages are earned, while savings come from spending less.
Savings are only for emergencies, while wages cover all costs.
Savings are taxed, but wages are not.
Wages can only come from commissions.
What is one reason to understand employability skills?
They make it easier to apply for unemployment benefits.
They help you get hired and keep a job longer.
They eliminate the need to save money.
They ensure a higher salary at any company.
How can self-employment income differ from regular wages?
Self-employed workers often pay their own taxes.
Self-employed workers have no taxes to pay.
Regular wages are always higher than self-employment earnings.
Regular wages don’t include any deductions.
