Free Printable FinLit Unit 1 Review

Worksheets

FinLit Unit 1 Review

Total questions: 33

Worksheet time: 21mins

Name

Class

Date

Communication is one of the most important hard skills in today's workplace.

True

False

Regardless of the style used, a resume should always include personal information, education, and work experience.

True

False

All types of earned income are subject to income taxes and Social Security taxes.

True

False

Employers are required by law to make contributions to employee retirement accounts.

True

False

Payments received for alimony and child support are forms of unearned income.

True

False

Employees are required to have money withheld from their paychecks for income tax, Social Security tax, and Medicare tax.

True

False

As inflation rises, the real purchasing power of each dollar falls.

True

False

Economizing and optimizing are two basic strategies for rational buying.

True

False

A target audience is a specific group of people who are likely to buy a product or service.

True

False

10.

Businesses need a normal profit in order to stay in business.

True

False

11.

____________ is a set of moral values that people consider acceptable.

Ethics

Values

Character

Goals

12.

Which of the following statements regarding education is correct?

Unemployment rates tend to be higher for people with college degrees.

Informal education should not be listed on a resume.

Earnings potential increases as you complete more formal education.

All of these are correct.

13.

A document that describes the steps that will be taken to open and operate a business is a(n)

Statement of net profits

Business plan

Revenue and cost report

Entrepreneur's guide

14.

The federal minimum wage is

higher than the minimum wage set by most states

applicable only to federal government employees

not subject to overtime pay

set by the U.S. Congress

15.

Overall benefits provided by taxes to everyone are called

transfer payments

indirect income

public goods

unearned income

16.

Employees are required to have money withheld from their paychecks for all of the following except

income taxes

dependents

Medicare

Social Security

17.

Which of the following is a type of sales promotion?

customer loyalty programs

coupons

free samples

all of these

18.

All of the following are good consumer buying strategies except

prepare a list of the things you need before shopping

avoid shopping in times of emotional distress

choose items that are marked "clearance" whenever possible

avoid last-minute purchases in the check-out line

19.

A _______ is a fraudulent investment operation in which money collected from new investors is used to pay earlier investors

pyramid scheme

bait and switch

Ponzi scheme

pigeon drop

20.

What is the rate employees are to be paid for overtime hours?

Their regular rate

1.5x

1.2x

21.

Haley's current job pays an hourly wage of $16. She has been offered another job that pays an annual salary of $40,000. The average work week for both positions is 45 hours. If Haley accepts the salaried job, her annual income will

decrease by $683

increase by $2,560

remain the same

increase by $480

22.

Taylor worked 52 hours last week. Her hourly rate is $9.00. Taylor's gross pay for last week was:

$468.00

$522.00

$360.00

$702.00

23.

Omar worked 48 hours last week. His hourly rate is $7.60. Omar's gross pay for last week was:

$304.00

$364.80

$395.20

$547.20

24.

Hannah works for a salary of $2,396 per month. She has federal income tax withheld at the rate of 15 percent, Social Security tax at the rate of 6.2 percent, Medicare tax at the rate of 1.45 percent, and health insurance premiums of $95 per month. What is her net pay?

$1,448.45

$1,840.10

$1,758.31

$2,387.56

25.

What is the largest percentage of gross domestic product (GDP)?

imports

consumer spending

government spending

exports

26.

Calculate unit price.

$3 for 5.52 ounces

(a)

27.

Income taxes are an example of which kind of tax?

regressive

progressive

proportional

indirect

28.

Which of the following form is used to verify eligibility to work in the United States?

Form W-2

Form I-9

Form W-4

Form 1040EZ

29.

All states have the same minimum wage rate.

True

False

30.

The deadline for filing taxes is April 15 of each year.

True

False

31.

Where can you get advanced training beyond a four-year degree?

technical school/college

graduate program

community college

self-training program

32.

Each month, Jane pays $307 in federal income tax and $206 in other taxes. Her net pay for the month is $2,040. What is Jane's monthly gross earnings?

$2,553

$1,527

$2,141

$1,834

33.

Jack purchased $30 on food and $50 on non-food products at the store. There's a sales tax of 14% on non-food items only. How much did Jack spend in total at the store?

(a)

100 %

FinLit Unit 1 Review

Total questions: 33

Worksheet time: 21mins

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