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Employment, wages, taxes, and budgets Flashcards | StudBud
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Employment, wages, taxes, and budgets
Employment, wages, taxes, and budgets
30 terms
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1
What does the "M" stand for in SMART goals?
Measureable
Manageable
Motivating
Meaningful
2
What is the main purpose of setting SMART goals?
To create a roadmap for success
To improve on Financial literacy
To increase job satisfaction
To track personal achievements
3
Which term refers to the total amount of money earned before any deductions are made?
expenses
dividends
net pay
gross pay
4
Which of the following is a variable expense in a budget?
Internet Bill
Rent
Groceries
Savings
5
The "R" in SMART goals stands for:
Relevant & Realistic
Relevant
radical
Realistic
6
What are the amounts subtracted from an employee's gross pay to calculate their net pay?
gross pay
net pay
deductions
overtime
7
1099 forms are usually issued to
independent contractors
Part-time employees
Salaried employees
Full-time employees
8
Categories commonly found on a paystub include:
Groiss Pay & deductions
Net pay & taxes owed
All of the above
Overtime Pay & bonuses
9
Which information is typically required on a W-4 form?
Employee's Marital Status
Employee's SSN
All of the above
Employee's Name and Address
10
What is the term for the amount of money received after deductions have been subtracted from the gross pay?
gross pay
net pay
savings
income
11
Which term describes expenses that remain relatively constant from month to month?
fixed
variable
net pay
gross pay
12
A budget can help individuals:
Manage debt
Track spending Habits
All of the above
Save for future goals
13
What are expenses that can vary from month to month called?
fixed
variable
Gross pay
Net pay
14
How do people typically get paid?
Quarterly
Weekly, Bi-weekly, or Monthly
Monthly
Weekly
15
What does the "S" stand for in SMART goals?
Specific
sensible
sustainable
Significant
16
What do you call the money set aside for future use or emergencies?
fixed
variable
savings
expenses
17
Which form is used to report earnings from self-employment or freelance work?
W-4
1099
W-2
401(k)
18
Which of the following is an example of a fixed expense in a budget?
Entertainment
Mortage Payment
Clothing
Dining Out
19
Hourly pay is based on
Fixed amount per month
The employee's job title
The companies annual profit
The number of hours worked
20
Which of the following is NOT a part of a budget?
savings
expenses
debt
income
21
A W-4 form determines:
The employees tax withholdings
The employees job description
The employees Salary
The employees work schedule
22
How can tracking expenses help in managing a budget effectively?
Identifying spending patterns
Controlling unnecessary expenses
All of the above
Setting financial goals
23
Which of the following is NOT a common business form for tax purposes?
W-4
W-2
401(k)
1099
24
Which term refers to the amount of money spent on goods or services?
Expenses
Gross pay
Savings
Net pay
25
Which term describes financial goals that can be achieved within a longer time frame, usually several years or more?
Short term
Long Term
Expenese
Intermediate
26
Which term represents the additional compensation received for working beyond the regular working hours?
income
gross pay
Overtime
overtime
27
What is the term for financial goals that can be achieved within a short time frame, typically less than a 3months?
Intermediate
Savings
long term
Short term
28
Salary pay is usually:
Calculated weekly
Based on the number of hours worked
Yearly basis broken down into biweekly payments
Paid in cash only
29
The acronym "W-2" refers to:
Work Authorization Form
Work Schedule Document
Wage & Tax Statement
Weekly earnings Report
30
What does a W-2 form provide?
Employee's Job Description
Employee's Annual Salary
Employee's tax deductions
Employee's Hourly Rate