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Foundations (Middle School) Chapter 3 Flashcards | StudBud
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Foundations (Middle School) Chapter 3
Foundations (Middle School) Chapter 3
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Test for Chapter 3
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
What percentage of teens wants to start their own business?
75%
10%
27%
42%
2
An entrepreneur is someone who starts and runs a business.
False
True
3
Which is not an option available for post-secondary education.
McDonald's University
On-The-Job Training
Trade School
Four year University
4
The portion of wages deducted for taxes is withholding.
False
True
5
Non-wage compensation provided by your employer are called
net (take-home) income
withholdings
employee benefits
income
6
The following are examples of entrepreneurship EXCEPT
pet sitting/walking
Starbucks manager
online selling (etsy)
lawn mowing
7
Which are the correct amounts withheld for Social Security and Medicare taxes from a paycheck?
Social Security tax (3.2%), Medicare tax (3.45%)
Social Security tax (6.2%), Medicare tax (1.45%)
Social Security tax (10.2%), Medicare tax (4.45%)
Social Security tax (8.2%), Medicare tax (2.45%)
8
80% of high school and middle school students plan to start their own business some day.
False
True
9
Someone who starts and runs his or her own business is called a(n):
Entrepreneur
Employee
Manager
Creditor
10
When you select the right career, consider which career your best friend has selected.
TRUE
FALSE
11
When choosing a career, find something that
your friends enjoy
you are good at and you love to do
will be completely boring
makes you a lot of money
12
Profit occurs when income is less than expenses.
False
True
13
Which of the following is not a form of income?
Earned
Portfolio
Passive
Aggressive
14
A salary is the jobs you perform in your career.
False
True
15
Which is not an example of things that could be included in an employee compensation package?
Pet Insurance
Health Insurance
Sick Leave
Vacation Time
16
All financial decisions made in order to earn, budget, save, and spend over time
financial aid
cash-flow statement
personal finance
home finance
17
All professions require a four-year college degree.
TRUE
FALSE
18
The money you get to take home and see in your bank account is called your
passive income
Net (take-home) pay
portfolio income
gross pay