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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
16 cards
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Practice quiz
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Questions
16
Answers
1
All professions require a four-year college degree.
FALSE
TRUE
2
Non-wage compensation provided by your employer are called
withholdings
income
net (take-home) income
employee benefits
3
Which are the correct amounts withheld for Social Security and Medicare taxes from a paycheck?
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%)
Social Security tax (3.2%), Medicare tax (3.45%)
4
An entrepreneur is someone who starts and runs a business.
True
False
5
The following are examples of entrepreneurship EXCEPT
pet sitting/walking
lawn mowing
online selling (etsy)
Starbucks manager
6
The portion of wages deducted for taxes is withholding.
False
True
7
When you select the right career, just pick a career from a help-wanted ad.
TRUE
FALSE
8
Someone who starts and runs his or her own business is called a(n):
Creditor
Entrepreneur
Employee
Manager
9
80% of high school and middle school students plan to start their own business some day.
False
True
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
you are good at and you love to do
your friends enjoy
will be completely boring
makes you a lot of money
12
A salary is the jobs you perform in your career.
True
False
13
All financial decisions made in order to earn, budget, save, and spend over time
financial aid
personal finance
cash-flow statement
home finance
14
The money you get to take home and see in your bank account is called your
portfolio income
gross pay
passive income
Net (take-home) pay
15
Profit occurs when income is less than expenses.
True
False
16
What percentage of teens wants to start their own business?
42%
75%
10%
27%