WorksheetsMidterm Vocab Review
Total questions: 27
Worksheet time: 14mins
Which best describes gross wages?
Income before any payroll deductions
Money paid for each hour of work
Income after payroll deductions are taken
Net income is the amount of money you receive when which condition is true?
Only if paid a yearly salary
After payroll deductions are subtracted
When direct deposit is not used
Direct deposit means
A prepaid card loaded by your employer
An automatic deposit of your paycheck
Cash picked up at the bank window
Which statement defines hourly rate?
Yearly amount paid as a salary
Money collected by the federal government
Fixed amount paid for each hour worked
Which option correctly defines salary?
Fixed yearly pay broken into paychecks
Money before deductions from wages
Fixed amount paid per hour worked
Payroll deductions are
Bonuses for working overtime
Amounts subtracted from gross pay
Interest charged by the bank
Which taxes are collected by the federal government to fund programs for retirement and disability?
LST Local Tax
PA State Tax
Social Security Tax
Medicare Tax is collected to provide what?
Extra pay for salaried employees
Local road and park services
Health insurance benefits in retirement
Which items are examples of payroll deductions that reduce gross pay to net pay? Select all that apply.
PA State Tax
Social Security Tax
Health Insurance premiums
Federal Tax
A student earns money at a job and wants to estimate take-home pay. Which plan uses correct reasoning?
Start with gross wages, subtract deductions
Deposit a paper check to avoid deductions
Add salary and hourly rate together
Which term means the amount of money currently in your bank account?
Withdrawal
Deposit
Balance
What does an ATM allow you to do? Select all that apply.
Deposit money into your account
Withdraw cash from your account
Check your account balance
Which action will make your account balance go up?
Deposit
Withdrawal
ATM fee
Which tool do you use to record your checking account transactions over time?
Debit card
Ledger
PIN
What is a PIN number used for?
A password of digits to access your account at an ATM
A fee charged by a non‑bank ATM
A written contract between you and a bank
Which is the best description of a checking account?
Bank account for deposits, withdrawals, and checks
Savings plan that only earns interest
Loan that lets you borrow for purchases
When you endorse a check, what are you doing?
Recording the check in your ledger
Signing to verify you agree to the transaction
Writing the amount you want to withdraw
Which option explains a debit card?
Card that pays directly from checking at purchase
Card that can write paper checks automatically
Card that borrows money and adds interest later
Which situation would cause a check to bounce?
Depositing cash at an ATM after hours
Endorsing the check before handing it over
Writing a check for more than your balance
A store purchase using your debit card reduces your balance right away. Which step helps you manage this correctly?
Keep your PIN private at checkout
Wait to record until the monthly statement
Enter the purchase in your ledger
Which term means a bank charge when you take out more money than your account has?
Overdraft fee
Direct deposit
Principal amount
What is the original amount of money you borrow called?
Interest rate
Principal
Savings account
Which options describe actions you can do with online banking? Select all that apply.
Transfer money between accounts
Deposit checks digitally
View recent transactions
A bank statement is best described as which document?
Digital receipt for online transfers
Monthly ledger sent to the account holder
Agreement that sets a loan’s repayment schedule
Which term means an automatic paycheck deposit without using a paper check?
Overdraft protection
Savings transfer
Direct deposit
Someone borrows $500 from the bank but gets an extra charge for using the money. What is the extra charge called?
Interest
Overdraft fee
Principal
You wrote a check but need to make sure no one can use it. Which action describes this?
Void the check
Open a savings
Transfer online
