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WorksheetsPersonal Finance Quiz
Total questions: 25
Worksheet time: 13mins
What is typically included in health insurance benefits provided by an employer?
Stock options
Medical, dental, and vision care
Retirement savings
Vacation days
What does PTO stand for in job benefits?
Personal Time Off
Paid Time Off
Public Tax Offset
Paid Travel Option
Which of the following is an example of retirement benefits?
Health insurance
401(k) plans
Sick leave
Bonuses
What is the main difference between salary and hourly wage?
Salary is a fixed amount, while hourly wage is based on hours worked
Hourly wage is higher than salary
Salary is based on hours worked, while hourly wage is fixed
There is no difference
How is overtime typically paid?
It is not paid at all
At a lower rate than regular hours
At a higher rate than regular hours, usually 1.5 times the regular hourly rate
At the same rate as regular hours
Which of the following is deducted from your paycheck for social security contributions?
7.65%
1.45%
10%
6.2%
What is the formula to calculate gross wages?
Hourly Rate × Hours Worked + Overtime
Net Pay - Deductions
Hourly Rate × Hours Worked
Hourly Rate + Overtime Rate
What is net pay?
The amount you pay in taxes
The total amount earned before deductions
The amount you take home after all deductions
Your overtime pay
If you earn $20/hour and work 40 hours, what are your gross wages?
$800
$1,200
$1,000
$400
If you earn $800 in gross pay and have $150 in deductions, what is your net pay?
$650
$950
$800
$1,150
What form tells your employer how much federal income tax to withhold from your paycheck?
W-2
1040
W-4
1099
What form summarizes the wages you earned and the taxes withheld during the year?
W-2
1040
W-4
1099
Which of the following is deducted from your paycheck for Medicare contributions?
6.2%
1.45%
7.65%
10%
What is a key part of a check?
Paycheck stub
Amount written in both numbers and words
Federal income tax withheld
Tax deductions
What is required to open a checking account?
Proof of employment
No requirements
Identification, proof of address, and sometimes an initial deposit
A monthly salary
What is an overdraft fee?
A fee for not balancing your checking account
A fee for using online banking services
A fee charged when you write a check for more than your account balance
A fee charged when you make a deposit
How can you avoid overdraft fees?
Use a credit card for all purchases
Keep track of your balance regularly
Request a lower salary
Use checks more frequently
What is the main purpose of balancing a checking account?
To calculate taxes
To reconcile your check register with the bank’s statement
To track your income taxes
To make deposits only
What information is found on a W-2 form?
Your hourly rate
Your bank account number
Gross wages, federal and state taxes withheld, and social security contributions
The amount of overtime worked
What does the W-4 form determine?
The type of health insurance coverage you receive
Your total earnings for the year
The amount of taxes withheld based on your allowances
The total amount of overtime you can work
What does it mean when you claim '0' allowances on a W-4 form?
Your tax withholding is automatically set
More tax is withheld from your paycheck
You are exempt from paying taxes
Less tax is withheld from your paycheck
If you worked 38 hours at a rate of $15/hour, how much would you earn in gross pay?
$570
$540
$600
$650
If you worked 40 hours at $12/hour and 10 hours of overtime at $18/hour, what are your total gross wages?
$660
$600
$540
$700
Which of the following is NOT considered a type of insurance premium deduction?
Dental insurance
Health insurance
Life insurance
Social Security
What is an example of 'other deductions' from your paycheck?
Overtime pay
Bonus pay
Local taxes or unemployment taxes
Hourly wage
