WorksheetsFin. Math - Spring Review
Total questions: 45
Worksheet time: 56mins
This is what you have to pay before the insurance company will pay anything
coverage
dues
deductible
policy
Renter’s insurance is purchased by the ________.
Landlord
Tenant
Property manager
What could happen if you have an accident but don’t have insurance?
A) You may face significant financial difficulties.
B) You will receive free medical care.
C) It will not affect you financially.
D) Your insurance premium will decrease.
What kind of insurance pays for physical damages to your car from acts of nature such as fire?
Property Damage
Medical Payments
Collision
Comprehensive
The actual amount of money you "take home" is
Gross Pay
Never Enough
Net Pay
Payroll Income
What is your GROSS pay if you make $10 per hour & worked 20 hours this week?
$100
$200
Unable to calculate based on information provided.
What's a pay period?
The length of time for which an employee's wages are calculated; most are weekly, bi-weekly, twice a month or monthly.
It's a time sheet.
a paper document issued by an employer to pay an employee for services rendered
What's gross pay?
The total amount of an employee's earnings BEFORE deductions are taken out.
It's when you feel gross because of your paycheck
It;s the total amount of an employee's earnings AFTER all deductions.
Mya's net pay is $525/week. Her gross is $700. How much money is deducted from her paycheck each week?
$525
$125
$175
Nothing
FICA is made up of:
Social Security and Medicare taxes
Federal and State taxes
Income and Property taxes
Sales and Excise taxes
What is 'Social Security'?
A government program that provides financial assistance to retirees and disabled individuals.
A type of insurance for private companies.
A savings account for education expenses.
A healthcare plan for all citizens.
Ruth earns $13.25/hour. She works 40 hours/week. $90.72 is deducted each week. What’s her net pay?
$439.28
$530
$493.43
$90.72
Mya's net pay is $525/week. Her gross is $700. How much money is deducted from her paycheck each week?
$525
$125
$175
Nothing
What is the purpose of the W-4 form?
The written record of withheld deductions
Required for employment for tax purposes
The total amount of money earned in a pay period
The balance of an employee's net pay added to a card
Marco has the following deductions listed.
Federal Income tax: $44
Social Security tax: $23
Medicare tax: $5
Health Insurance: $24
What is the total amount of his deductions?
$39
$67
$91
$96
David's gross income: $127.25
David's deductions: $25.20
David's net pay: ?
$102.05
$102.45
$112.05
$152.45
Match the following:
Adjusted Gross Income (AGI)
total income minus deductions
dependents
a qualifying child or relative
tax deductions
expense that can reduce the tax burden
tax credits
money that can be subtracted directly
taxable income
income that is taxed after deductions
What is the deadline for filing personal income tax?
January 31
April 15
May 31
June 15
How much did Elyse pay in FICA taxes?
$2592.10
$2121.63
$470.47
$3947.30
Federal law requires employers to pay a minimum wage.
True
False
What is a withholding?
money the government withholds from your paycheck
money you subtract from your taxable income to lower the amount of taxes you owe
a person who depends on you financially
money your employer withholds from your paycheck to pay taxes on your behalf
Which of the following forms will you complete when you get a job so that the payroll office knows how much to withhold for taxes?
W-2
W-4
1099
1040
Which of the following forms will you receive each year from your employer to show how much was withheld from your check for taxes and other deductions?
W-2
W-4
1099
1040
What form will your employer send you BEFORE January 31st that summarizes your income and taxes withheld
1040
W-4
W-2
Having an amount on line 34 means you...
Receive a refund
Owe money
What is the term for a single unit of ownership in a corporation?
Bond
Mutual Fund
Annuity
Stock
Why should you start investing early?
Younger investors face less risk, ensuring safer investments
It allows more time for your investments to grow through compounding
Investing quickly generates substantial wealth
Investment fees are lower for younger individuals
Identify the Ticker Symbol for the mentioned stock.
DSI
DS
DIS
NKE
Which of the following is a characteristic of a 401(k) plan?
It is a government-funded pension plan
It is a retirement savings plan sponsored by an employer
It is a type of health savings account
It is a mandatory savings account for all employees
What is an IRA?
An Individual Retirement Account
An International Revenue Account
An Insurance Retirement Account
An Immediate Retirement Annuity
Cash payment (per share) made by the company to its shareholders is called a.....
Beta
Bid
Dividend
Market Cap
The link between risk and return is best described as
Higher risk leads to higher return
Higher risk leads to lower return
Lower risk leads to higher return
There is no link between risk and return
A _____ represents lending money to an entity, whereas a _______ signifies part ownership in that entity.
bond, ETF
stock, bond
bond, stock
ETF, bond
Why might someone choose a Traditional IRA over a Roth IRA?
They want to withdraw their contributions early without penalties
They expect to be in a lower tax bracket in retirement
They want to avoid Required Minimum Distributions
They expect to be in a higher tax bracket in retirement
