an employment position obtained to earn money

What is the most secure method for an employer to pay his/her employees?

Direct deposited into an account

How does gross pay differ from net pay?

Gross pay is total before taxes and deductions are taken out

What is the definition of human capital?

Skills acquired through self investment

What is a pay period?

a schedule by which employers pay their employees

A career is defined as:

A commitment to a profession, which requires continued training.

What is an occupation?

A lifetime journey of making good use of skills, knowledge, & experiences.

Dollar amount an individual will receive in his/her monthly paycheck

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Personal Finance: Unit 2 Review

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Questions 18

Answers

1
Which of the following is not an example of a mandatory deduction?
Federal income tax
Medicare
Worker's compensation
Social security tax
2
What is the percentage of earned income subject to the Social Security tax?
5%
6.2%
2.35%
1.45%
3
What form should a person receive from an employer by January 31 to complete his/her annual tax paperwork?
Medicare form for the current year
Form W-2 for the previous year
Form I-9 for the previous year
Form W-4 for the current year
4
A job is defined as:
A degree obtained from an accredited institution
A commitment to a profession, which requires continued training.
an employment position obtained to earn money
an evaluation of one's aptitudes and interest.
5
What is the most secure method for an employer to pay his/her employees?
Giving them a paycheck to cash
In-Store credit
Direct deposited into an account
Depositing on a payroll card
6
How does gross pay differ from net pay?
Net pay is total before taxes and deductions are taken out
Gross pay is total before taxes and deductions are taken out
Net pay is only paid on the 15th
Gross pay is only paid on the 15th
7
Which employment form is used to avoid hiring undocumented workers in the US?
Form W-2
Form W-4
Form I-9
Form Q-5
8
What are two types of taxes?
Allowance and deduction
Progressive and Regressive
Internal Revenue Service and W-4
Dependent and exemption
9
What is the definition of human capital?
Purchasing wanted or desired items
Skills acquired through self investment
The combination of all events in an individual's life
decisions influenced by friends, coaches, and teachers
10
Factors to consider when evaluating a job offer include:
salary
all of the above
location
benefits
11
What is a pay period?
all of the answers
When an employee works for an employer and receives pay
a monthly schedule of work responsibilities
a schedule by which employers pay their employees
12
A career is defined as:
A degree obtained from an accredited institution
an employment position obtained to earn money
A commitment to a profession, which requires continued training.
an evaluation of one's aptitudes and interest.
13
Cost of living expenses include:
concert tickets
food
all of the above
gym membership
14
What is an occupation?
A work role with a specific organization
A lifetime journey of making good use of skills, knowledge, & experiences.
A wide category of jobs with similar characteristics
Combination of leisure activities, family influence and personal interests
15
FICA is a tax that includes two separate taxes; Medicare and:
Sick
Social Security
Vacation
Retirement
16
What is base salary?
an individual's wage including insurance/retirement contributions
Compensation beyond the dollar amount on an individuals' paycheck
Dollar amount an individual will receive in his/her monthly paycheck
Advancement available to an employee after six months of work
17
Education directly correlates with income?
False
True
18
What is the percentage of earned income subject to the Medicare tax?
1.45%
2.35%
6.2%
5%

Personal Finance: Unit 2 Review Flashcards | StudBud