Financial Literacy Post Test 2/9 Flashcards

1

Which of the following is a common payroll deduction?

2

Which tax form do employees receive at the end of the year to report wages and taxes paid?

3

FICA includes contributions to Medicare and Social Security

4

What is the purpose of a W-4 Form?

5

A sales tax is applied to purchases of goods and services in most states.

6

What is the difference between gross pay and net pay?

7

Which government agency is responsible for collecting federal taxes?

8

What is one key difference between a debit card and a credit card?

9

Which account is best for emergency savings?

10

What does a 401(k) help you save for?

Financial Literacy Post Test 2/9