A retirement account is ...

A personal investment account set up to provide income in retirement.

A record of the time work began, the time work ended, and any breaks taken.

Overtime wages are ...

Wage amount for working more than 40 hours in a week.

A charitable contribution is a

Donation of money or gifts to nonprofit organization or private foundation

A service purchased to protect against financial loss.

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Chapter 2 Financial Literacy

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Questions 15

Answers

1
A salary is payment for work expressed as a fixed annual figure.
True
False
2
A retirement account is ...
A personal investment account set up to provide income in retirement.
Wage amount for working over 40 hours per week.
Service that is purchased to protect against financial loss.
Insurance that protects against financial loss due to illness or injuries.
3
A time sheet is ...
A record of the time work began, the time work ended, and any breaks taken.
Total amount of earnings.
Gross pay minus payroll deductions.
Dollar amount per hour worked.
4
Taxes on income collected by the US government are ...
Total Amount of earnings
Local Income Taxes
State Income Taxes
Federal Income Taxes
5
Net pay is the total amount of earnings.
True
False
6
Overtime wages are ...
Gross pay minus payroll deductions.
Payment for work expressed as a fixed annual figure.
Dollar amount per hour worked.
Wage amount for working more than 40 hours in a week.
7
Gross pay is ...
Dollar amount paid per hour worked.
Total earnings
Payment for work expressed as a fixed annual amount.
Gross pay minus deductions.
8
A dollar amount paid per hour worked is called a ...
Salary
Deduction
Wage
Insurance.
9
A charitable contribution is a
Service that is purchased to protect against financial loss.
Donation of money or gifts to nonprofit organization or private foundation
Personal investment account set up to provide income in retirement.
Transfer of new pay to a checking or savings account.
10
A direct deposit is a transfer of net pay to a checking or savings account.
True
False
11
Insurance that protects against financial loss due to illnesses or injuries is ...
Health insurance
Auto insurance
Retirement account
Insurance
12
State income taxes are taxes on income collected by the local government.
False
True
13
Local income taxes are taxes on income collected by a state government.
True
False
14
Insurance is ...
Payment for work expressed as a fixed annual figure.
Amount subtracted from gross pay.
A service purchased to protect against financial loss.
Protection again financial loss due to illnesses or injuries.
15
A deduction is the amount subtracted from gross pay.
True
False

Chapter 2 Financial Literacy Flashcards | StudBud