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BUDGET & PAYCHECK TEST REVIEW Flashcards | StudBud
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BUDGET & PAYCHECK TEST REVIEW
BUDGET & PAYCHECK TEST REVIEW
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Questions
40
Answers
1
What is a spending plan?
The form used to prove citizenship
A financial statement individuals can use to assist with money management
The amount of money left after deductions have been taken out of a paycheck
The length of time for which an employee's wages are calculated
2
What is gross income?
The amount of money taken from an employee's paycheck for retirement
The ACTUAL amount of money you receive in your paycheck AFTER deductions
The amount of money taken from an employee's paycheck for medical benefits
The TOTAL amount of money earned during a pay period BEFORE deductions
3
If Tyler earns $3000 bi-monthly, what is his yearly salary?
$78,000.00
$70,000.00
$64,000.00
$72,000.00
4
What is the W-2 form for?
To determine your retirement contributions
To determine the amount of money witheld from your paycheck for taxes
To prove citizenship
To let you know the taxes paid and the money earned for the previous year
5
What are required charges charged to citizens by federal, state and local governments?
Taxes
FICA
Fringe Benefits
Health Insurance
6
If Samantha earns $72,000/year, what is her monthly salary?
$3,000.00
$12,000.00
$6,000.00
$2,769.23
7
The amount an employee contributes each pay period for their FUTURE is called what?
Union Dues
Retirement Plan
Future Plan
Medical Benefits
8
What type of goal takes between 1 and 5 years to accomplish?
Short Term Goal
Long Term Goal
Mid Term Goal
Regular Goal
9
Social Security and Medicare Taxes are included together in this tax...
RITA
FEDERAL
STATE
FICA
10
What is money earned called?
Income
Expenses
Deductions
Taxes
11
What is net income?
The amount of money taken from an employee's paycheck for medical benefits
The amount of money taken from an employee's paycheck for retirement
The ACTUAL amount of money you receive in your paycheck AFTER deductions
The TOTAL amount of money earned during a pay period BEFORE deductions
12
What is an expense that changes every month is called?
Monthly Expense
Fixed Expense
Fixed Income
Flexible Expense
13
What type of goal can be accomplished in under a year?
Short Term Goal
Regular Goal
Long Term Goal
Mid Term Goal
14
How do you change a percent in order to multiply it?
Move the decimal 1 place to the right
Move the decimal 2 places to the left
Move the decimal 1 place to the left
Move the decimal 2 places to the right
15
What is Social Security?
Nation's Retirement Program
Nation's Medical Program
Nation's Unemployment Program
Nation's Exercise Program
16
What is giving up one thing for another?
Sacrifice
Opportunity Cost
Trade-off
Personal Information
17
The amount required by law for employers to withhold from earned wages to pay taxes?
Local Tax
Federal Tax
Withholding Tax
State Tax
18
Money spent is called what?
Expense
Cash
Income
Budget
19
If Samantha earns $72,000/year, what is her bi-weekly salary?
$6,000.00
$2,769.23
$12,000.00
$3,000.00
20
On a paystub, what does the PERSONAL INFORMATION include?
Full Name, Employer Name & Date of Birth
Full Name, Address & Social Security Number
Full Name, Birth Date & Address
Full Name, Birth Date & Employer Name
21
What type of benefit is health insurance?
Fringe
Retirement
Disability
Medical
22
What is the W-4 form for?
To determine the amount of money witheld from your paycheck for taxes
To determine your retirement contributions
To let you know the taxes paid and the money earned for the previous year
To prove citizenship
23
What is the I-9 form for?
To determine your retirement contributions
To prove citizenship
To determine the amount of money witheld from your paycheck for taxes
To let you know the taxes paid and the money earned for the previous year
24
What is an expense that stays the same every month is called?
Flexible Expense
Fixed Expense
Fixed Income
Monthly Expense
25
This tax includes 2 separate taxes (Social Security & Medicare)
Federal Tax
Local Tax
FICA
State Tax
26
What is a belief or practice that is important to an individual?
Need
Want
Value
Goal
27
What is the desire for goods and services that can increase the quality of life but are not absolutely necessary
Value
Need
Goal
Want
28
The amount of money subtracted from the gross pay earned in a pay period is called what?
Deductions
Pay Period
Exemptions
Year To Date Pay
29
What is it called when the employer puts the employee's paycheck right into their bank account?
Paper Paycheck
Direct Deposit
Net Income
Gross Income
30
No more that what percent of your income should go towards rent/mortgage?
30%
40%
20%
10%
31
What is the correct equation to figure out 8% of $6,000.00
$6,000 x .08
$6,000 x .008
$6,000 x .8
$6,000 x 8
32
The percentage deducted from an individual's paycheck to assist in funding government agencies within the state
Local Tax
Federal Tax
State Tax
FICA
33
What is a good or service that is REQUIRED for survival?
Need
Value
Want
Goal
34
If Jordyn's GROSS pay is $4,000/month and she budgets 15% for transportation/month, how much is that per month?
$400.00
$350.00
$550.00
$600.00
35
How many months are in a year?
13
10
11
12
36
How many weeks are in a year?
55
44
52
48
37
What is Year To Date?
Totals of all the deductions withheld from an individual from 1/1-12/31
Totals of all the income earned for an individual from 1/1-12/31
Totals of all the taxes withheld from an individual from 1/1-12/31
Totals of all the union dues withheld from an individual from 1/1-12/31
38
What is a statement of something a person wants to accomplish?
Want
Goal
Value
Need
39
What is the length of time for which an employee's wages are calculated?
Week
Year To Date
Pay Period
Month
40
If Keri's GROSS pay is $1,800.00 per paycheck and her deductions are $542.88, what is her NET pay?
$1,184.88
$1,257.12
$1,602.22
$1,457.12
