WorksheetsBudgeting quiz
Total questions: 10
Worksheet time: 5mins
Which of the following best describes the difference between gross pay and net pay?
Gross pay is the amount after taxes, while net pay is before taxes.
Gross pay is the total amount earned before any deductions, while net pay is the amount received after all deductions.
Gross pay is the amount you receive in cash, net pay is the amount on your pay stub.
Gross pay is always less than net pay.
Which of the following is NOT typically a deduction found on a pay stub?
Federal income tax
Social Security tax
Grocery expenses
Health insurance
Which deduction is required by law to be taken out of most employees' paychecks?
Gym membership
Social Security tax
Charitable donations
Union dues
Which section of a pay stub shows the total amount you have earned so far in the year?
Year-to-date (YTD) earnings
Net pay
Deductions
Pay period
Why is it important to review your pay stub each pay period?
To see if your employer is paying you in cash
To ensure all deductions are correct and you are being paid the right amount
To find out your favorite color
To check if you have a new job
If you want to plan a monthly budget, which number from your pay stub should you use?
Gross pay
Net pay
Year-to-date earnings
Deductions
If your pay stub shows a deduction for "FICA," what does this mean?
It is a bonus
It is a tax for Social Security and Medicare
It is a loan repayment
It is a tip
Taxes are part of a worker's:
gross pay
deductions
net pay
What is net pay?
year to date money
total pay
amount of money you take home.
What is gross pay?
The amount of money remaining after taxes have been deducted.
The amount of money a worker earns per hour worked.
The amount of money earned before any deductions are subtracted.
The fixed amount of money paid to an employee to do a job.
