Duplicate of Financial Literacy Unit 3-4 Review: Career Choices and Paycheck

Question 1

Which tax form can a taxpayer take more deductions on when filing a tax return?

Accepted Answer

Form 1040

Question 2

Money that is offered to encourage employees to strive for higher levels of performance.

Accepted Answer

incentive pay

Question 3

Which term describes a person's tax-filing group to be used on a tax return?

Accepted Answer

Filing Status

Question 4

A form completed by an employee to tell the total exemptions and marital status of the employee

Accepted Answer

W4

Question 5

_________ can be received if you lose your job due to no fault of your own.

Accepted Answer

Unemployment Insurance

Question 6

Which section of the pay stub shows the earnings, deductions, and net income from January 1?

Accepted Answer

YTD (year to date)

Question 7

Which of the following is not considered a filing status for tax payers?

Accepted Answer

Individual Income Tax Payer

Question 8

A ____ is a specific task that is done as part of one's occupation.

Accepted Answer

job

Question 9

The day a pay check is issued is known as the

Accepted Answer

pay date

Question 10

Out of the five main taxes, which are withheld from wages?

Accepted Answer

income taxes, payroll taxes

Question 11

Which tax provides income for retirees or children who have lost a parent?

Accepted Answer

social security tax

Question 12

A form that states an employee's wages and tax deductions for a year.

Accepted Answer

W2

Question 13

Which tax helps pay for healthcare coverage for individuals 65 or older?

Accepted Answer

medicare tax

Question 14

Which of the following is an example of unearned income?

Accepted Answer

interest

Question 15

To calculate net pay, you

Accepted Answer

subtract deductions from gross pay

Question 16

Receiving your pay electronically through a bank transfer is called:

Accepted Answer

direct deposit

Question 17

The total amount of money earned before any deductions are taken away is called:

Accepted Answer

gross pay

Question 18

All of the following are considered required deductions, except:

Accepted Answer

401(k) investment

Question 19

All of the following are required benefits, except:

Accepted Answer

Profit Sharing

Question 20

Time worked beyond the regular hours is called:

Accepted Answer

overtime pay

Question 21

Which tax is an deduction from gross income?

Accepted Answer

federal income tax

Question 22

Amounts subtracted from gross pay are called:

Accepted Answer

deductions

Question 23

All of the following are sources of unearned income except:

Accepted Answer

Gifts

Question 24

To calculate social security tax, you should:

Accepted Answer

multiply gross pay by 6.2%

Question 25

_______ helps pay medical expenses if you are injured on the job.

Accepted Answer

Workers' Compensation

Question 26

All states have state income tax.

Accepted Answer

False

Question 27

Paid holidays typically include all of the following days, except:

Accepted Answer

Easter

Question 28

The amount of money left after deductions are taken out of gross pay is called:

Accepted Answer

net pay

Question 29

Skills acquired through the process of self-investing, such as communication skills are called:

Accepted Answer

transferable skills

Question 30

A _______ outlines the deductions that have been made to wages for a pay period.

Accepted Answer

pay stub

Duplicate of Financial Literacy Unit 3-4 Review: Career Choices and Paycheck

Questions 30

Duplicate of Financial Literacy Unit 3-4 Review: Career Choices and Paycheck

Questions 30