Free Printable Personal Finance Odd Final Exam

1.

Kayla is a 9th-grade student who just got hired as a cashier at a local pharmacy. On her first day, her supervisor handed her important paperwork. The first was the (1) ________, which reports yearly earnings and tax withholdings to the IRS. The second was the (2) ________, used to confirm her legal right to work. Lastly, Kayla completed a (3) ________, which helps her employer figure out how much federal tax to take from her pay.

a)

W-2 form

b)

W-4 form

c)

I-9 form

d)

1099 form

2.

Kayla is a 9th-grade student who just got hired as a cashier at a local pharmacy. On her first day, her supervisor handed her important paperwork. The first was the (1) ________, which reports yearly earnings and tax withholdings to the IRS. The second was the (2) ________, used to confirm her legal right to work. Lastly, Kayla completed a (3) ________, which helps her employer figure out how much federal tax to take from her pay.

a)

I-9 form

b)

W-2 form

c)

W-4 form

d)

1099 form

3.

Kayla is a 9th-grade student who just got hired as a cashier at a local pharmacy. On her first day, her supervisor handed her important paperwork. The first was the (1) ________, which reports yearly earnings and tax withholdings to the IRS. The second was the (2) ________, used to confirm her legal right to work. Lastly, Kayla completed a (3) ________, which helps her employer figure out how much federal tax to take from her pay.

a)

W-4 form

b)

1099 form

c)

I-9 form

d)

W-2 form

4.

Kayla is (4) ________ because she understands the basics of money and budgeting. She is also (5) ________, meaning she can apply that knowledge to meet personal and financial goals. She knows how to make smart (6) ________ decisions.

a)

financially literate

b)

mathematically gifted

c)

physically active

d)

musically talented

5.

Kayla is (4) ________ because she understands the basics of money and budgeting. She is also (5) ________, meaning she can apply that knowledge to meet personal and financial goals. She knows how to make smart (6) ________ decisions.

a)

financially capable

b)

musically talented

c)

physically strong

d)

artistically gifted

6.

Blank 6

a)

No information is provided for Blank 6 in the visible image.

b)

The answer is 42.

c)

It is related to photosynthesis.

d)

The answer is Newton's Second Law.

7.

She earns $11 per hour and worked 42 hours last week. Her (7) ________ pay includes all the money she made before any taxes. Since she worked 2 extra hours over 40, she earned (8) ________ for that time.

a)

gross

b)

net

c)

bonus

d)

weekly

8.

She earns $11 per hour and worked 42 hours last week. Her (7) ________ pay includes all the money she made before any taxes. Since she worked 2 extra hours over 40, she earned (8) ________ for that time.

a)

overtime pay

b)

holiday pay

c)

commission

d)

salary

9.

Her overtime rate is (9) ________ times her regular hourly wage. Her overtime pay is the (10) ________ of overtime hours work times 1.5 times her overtime rate. She keeps a record of her hours using a (11) ________ .

a)

1.5

b)

2.0

c)

0.5

d)

3.0

10.

Her overtime pay is the (10) ________ of overtime hours work times 1.5 times her overtime rate. She keeps a record of her hours using a (11) ________ .

a)

product

b)

sum

c)

difference

d)

average

11.

She keeps a record of her hours using a (11) ________ .

a)

timesheet

b)

calendar

c)

notebook

d)

stopwatch

12.

Kayla notices her paycheck lists deductions. She sees (12) ________% taken out for Social Security and (13) ________% for Medicare. She also pays federal and state (14) ________. The amount of federal tax pay is determined by a person's income (15) __________. These are all called (16) ________. Federal, Medicare, and Social Security are (17) ________________ deductions.

a)

6.2

b)

4.5

c)

7.5

d)

5.0

13.

Kayla notices her paycheck lists deductions. She sees (12) ________% taken out for Social Security and (13) ________% for Medicare. She also pays federal and state (14) ________. The amount of federal tax pay is determined by a person's income (15) __________. These are all called (16) ________. Federal, Medicare, and Social Security are (17) ________________ deductions.

a)

1.45

b)

2.00

c)

0.90

d)

3.50

14.

She also pays federal and state ________.

a)

taxes

b)

bills

c)

loans

d)

fees

15.

The amount of federal tax pay is determined by a person's income ________.

a)

level

b)

color

c)

brand

d)

height

16.

Text 4 Kayla notices her paycheck lists deductions. She sees (12) ________% taken out for Social Security and (13) ________% for Medicare. She also pays federal and state (14) ________. The amount of federal tax pay is determined by a person's income (15) __________. Federal, Medicare, and Social Security are (17) ________________ deductions. 20. blank 16: These are all called ________.

a)

withholdings

b)

earnings

c)

allowances

d)

benefits

17.

21. blank 17: Federal, Medicare, and Social Security are ________________ deductions.

a)

mandatory

b)

optional

c)

voluntary

d)

seasonal

18.

To find her (18)________ pay, she subtracts all the deductions from her gross pay.

a)

net

b)

gross

c)

hourly

d)

weekly

19.

To find her (18)________ pay, she subtracts all the deductions from her gross pay. Kayla creates a (19)________ to track her income and spending. Since she keeps track of her money, she is considered (20)________ capable.

a)

budget

b)

receipt

c)

invoice

d)

allowance

20.

To find her (18)________ pay, she subtracts all the deductions from her gross pay. Kayla creates a (19)________ to track her income and spending. Since she keeps track of her money, she is considered (20)________ capable.

a)

financially

b)

physically

c)

emotionally

d)

socially

21.

She also sets aside some of her earnings for (21)________ expenses like car repairs or emergencies. By doing this is (22)____________ money.

a)

unexpected

b)

regular

c)

monthly

d)

predictable

22.

She also sets aside some of her earnings for (21)________ expenses like car repairs or emergencies. By doing this is (22)____________ money.

a)

saving

b)

spending

c)

borrowing

d)

wasting

23.

Blank 23 Kayla receives (25) _______ pay as a reward for meeting her sales goals. She also receives (26) _______ such as paid time off and health insurance. Her employer provides (27) ____________ plans for retirement. She knows that when she is fully (28) _______ in her retirement plan, she can keep all the employer’s contributions. Fill in Blank 23.

a)

Bonus

b)

Hourly

c)

Base

d)

Commission

24.

Blank 24 Kayla receives (25) _______ pay as a reward for meeting her sales goals. She also receives (26) _______ such as paid time off and health insurance. Her employer provides (27) ____________ plans for retirement. She knows that when she is fully (28) _______ in her retirement plan, she can keep all the employer’s contributions. Fill in Blank 24.

a)

No answer provided in the image. Likely related to the passage context.

b)

Hourly

c)

Commission

d)

Salary

25.

Kayla receives (25) _______ pay as a reward for meeting her sales goals. Fill in Blank 25.

a)

bonus (or incentive)

b)

hourly

c)

deduction

d)

overtime

26.

Kayla receives (25) _______ pay as a reward for meeting her sales goals. She also receives (26) _______ such as paid time off and health insurance. Her employer provides (27) ____________ plans for retirement. She knows that when she is fully (28) _______ in her retirement plan, she can keep all the employer’s contributions. Fill in Blank 26.

a)

benefits

b)

salaries

c)

deductions

d)

penalties

27.

Kayla receives (25) _______ pay as a reward for meeting her sales goals. She also receives (26) _______ such as paid time off and health insurance. Her employer provides (27) ____________ plans for retirement. She knows that when she is fully (28) _______ in her retirement plan, she can keep all the employer’s contributions. Fill in Blank 27.

a)

retirement

b)

bonus

c)

insurance

d)

vacation

28.

Kayla receives (25) _______ pay as a reward for meeting her sales goals. She also receives (26) _______ such as paid time off and health insurance. Her employer provides (27) ____________ plans for retirement. She knows that when she is fully (28) _______ in her retirement plan, she can keep all the employer’s contributions. Fill in Blank 28.

a)

vested

b)

hired

c)

promoted

d)

insured

29.

By managing her finances well, Kayla builds strong (29) ________ habits. She is proud of her progress and continues to make (30) ________ financial choices.

a)

financial

b)

physical

c)

musical

d)

artistic

30.

By managing her finances well, Kayla builds strong (29) ________ habits. She is proud of her progress and continues to make (30) ________ financial choices.

a)

wise

b)

risky

c)

careless

d)

random

31.

What is gross pay?

a)

Pay after taxes

b)

Pay before any deductions

c)

Bonus pay

d)

Take-home pay

32.

What is net pay?

a)

Pay before taxes

b)

Pay after deductions

c)

Your hourly wage

d)

Your salary

33.

If you earn $600 gross pay and$ 100 is deducted, what is your net pay?

a)

$500

b)

$700

c)

$600

d)

$100

34.

What is the overtime pay rate if you earn $10/hour?

a)

$10

b)

$15

c)

$20

d)

$5

35.

If you worked 46 hours in a week, how many overtime hours did you work?

a)

6

b)

40

c)

8

d)

10

36.

You earn $12/hour. What is your overtime rate?

a)

$12

b)

$24

c)

$18

d)

$20

37.

You worked 45 hours and earn $14/hour. What is your total gross pay?

a)

$630

b)

$560

c)

$490

d)

$525

38.

What are deductions?

a)

Extra money you earn

b)

Money your employer gives you

c)

Money subtracted from your pay

d)

Tips from customers

39.

Which of these is a mandatory deduction?

a)

Health insurance

b)

Retirement savings

c)

Social Security tax

d)

Union dues

40.

What does the W-2 form show?

a)

Work hours

b)

Your tax refund

c)

Yearly earnings and taxes withheld

d)

Job duties

41.

What does the W-4 form tell your employer?

a)

Your salary

b)

How much tax to withhold

c)

Your benefits

d)

How many jobs you've had

42.

What is the purpose of the I-9 form?

a)

Choose insurance

b)

Apply for benefits

c)

Verify identity and work eligibility

d)

Record your tax ID

43.

What does it mean to be financially literate?

a)

You save money

b)

You understand and manage money wisely

c)

You avoid all debt

d)

You don't need a budget

44.

What does it mean to be financially capable?

a)

You earn a salary

b)

You get financial aid

c)

You apply knowledge to meet financial goals

d)

You pay with cash only

45.

Which is an example of someone being financially capable?

a)

Ignoring their bills

b)

Spending all their money

c)

Making a savings plan

d)

Avoiding work

46.

What is a salaried worker?

a)

Paid per hour

b)

Paid a fixed annual amount

c)

Works on commission

d)

Self-employed

47.

What is an hourly worker?

a)

Paid the same no matter what

b)

Paid by the number of hours worked

c)

Paid monthly

d)

Paid weekly

48.

Which worker gets paid overtime?

a)

Salaried

b)

Hourly

c)

Both

d)

Neither

49.

What is typically included in health insurance?

a)

Cell phone coverage

b)

Vision, dental, and medical

c)

Gas money

d)

Clothing allowance

50.

Which of these is NOT part of health insurance benefits?

a)

Hospital care

b)

Prescription coverage

c)

Entertainment

d)

Dental

51.

What is adjusted gross income (AGI)?

a)

Income after taxes

b)

Gross income minus certain deductions

c)

Net pay

d)

Income before taxes

52.

What is gross income?

a)

Pay after deductions

b)

Money earned before taxes

c)

Tax refund

d)

Income after bills

53.

What is net income?

a)

Gross income

b)

Pay before deductions

c)

Take-home pay

d)

Taxable income

54.

Miguel sets up a savings account and tracks expenses. He is:

a)

Ignoring money

b)

Financially literate

c)

Dependent

d)

Overpaid

55.

Alana budgets for rent and food and still saves money. She is:

a)

Financially capable

b)

Financially stuck

c)

Broke

d)

Underpaid

56.

Eli gets a paycheck but doesn't know how much was taken in taxes. He is lacking:

a)

Skills

b)

Knowledge

c)

Financial literacy

d)

A job

57.

If Jamal worked 40 hours at $13/hour, what is his gross pay?

a)

$520

b)

$500

c)

$480

d)

$540

58.

What's the total overtime pay for 6 overtime hours at $15/hour?

a)

$135

b)

$90

c)

$60

d)

$150

59.

Which deduction is required by law?

a)

Health club membership

b)

Social Security

c)

Retirement contribution

d)

Union dues

60.

Which form proves you're eligible to work in the U.S.? Mark only one oval.

a)

W-2

b)

W-4

c)

I-9

d)

1099

Personal Finance Odd Final Exam

Total questions: 60

Worksheet time: 30mins

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