Econ Test #2 Review (Personal Finance Ver)

Which of the following mandatory deduction is matched by your employer?

Protection against loss that may occur in certain situations is known as....?

Allowances are

Opportunity Cost refers to the.....?

Earning $6 an hour w/tips, if you work 26 hours this week and collect $56 in tips gross pay is?

If you want to take a day off from work to see your sister in a school play you would use a(n)

Most businesses pay overtime after you have worked how many regular hours in a week?

If your county has a local tax rate of 1.7%, how much would be withheld if your pay is $311.89?

Net Pay refers to what?

Deductions are...

A savings account specifically set up for your later years when you decide to no longer work is

A Time Card is....

National health insurance program run by the government for those that meet age requirements

Scarcity is a problem because of the tension between limited resources and unlimited what?

Overtime Wage refers to pay for

Earning $10.00/hour, working 35 hours per week, what is your gross pay on a Bi-weekly paycheck?

Your wages are $10.00 per hour. What is your minimum overtime wage per hour?

Which of the Following is not a mandatory deduction?

What is the difference between Overtime pay and Vacation pay, Personal days or Sick days?

If gross pay is $683 at the 1.45% Medicare tax rate, how much is withheld for Medicare taxes?

As a factor of production, the term capital refers to what?

Gross Pay refers to what?

Net Pay can also be known as what?

List the four factors of production that have been identified by economists.

If your state income tax rate is 6%, how much will be withheld if your gross pay is $721.52?

If your insurance is $465 per month how much will be taken from your paycheck if you pay 1/4?

The transfer of money, in this case your net pay, into checking or savings accounts is known as

Money that you donate form your paycheck to a charitable organization is considered a...?

A national retirement account for most workers is known as what?

Taxes on income collected by the U.S. government are called....

If you decide to buy a $30 dollar sweater rather than a $20 sweater, your marginal cost is?

the term for the “value of the next best alternative”, or tradeoff, is referred to as what?

If your bi – weekly gross pay is $1,200, what is your annual salary?

What were some of the opportunity costs the city of Chicago undertook to expand O’Hare?

When you need to miss work to go to your grandmother’s funeral, you would use….

Mandatory deductions from your paycheck...

A social insurance program run by the U.S. government that provides benefits for retirees is..

If gross pay is $568 at the 6.2% SS tax rate, how much is withheld for Social Security tax?

A Salary is....

The term Wage refers to

What is the purpose of a Production Possibilities Curve graph?

Additional costs that are required when moving from one choice to another are considered

Which tax(es) are paid only by the employer?

If you earn $9.00 an hour and you work for 20 hours what will your gross pay be?