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Personal Finance U1: Money Management Flashcards | StudBud
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Personal Finance U1: Money Management
Personal Finance U1: Money Management
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Flashcards
20 cards
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Questions
20
Answers
1
Morgan makes $10 per hour. She worked 45 hours this week. What is her gross pay?
$675
$450
$475
I have no idea :(
2
How do you calculate gross income for an hourly worker?
Multiply the net pay by the hours worked
Subtract deductions from the net pay
Add deductions to the net pay
Multiply hours worked by the hourly rate
3
When your income exceeds your expenses you will have a cash shortage.
True
False
4
What is calculated by dividing your annual salary by 26?
net income
interest income
taxable income
gross income
5
What's an advantage to online banking?
higher fees and lower interest
accurate balance available
automatic bill pay available
protection from identity theft
6
What does the Fed do?
burn money
raise interest rates
raise taxes
print money
7
What will insure your money at the bank?
night shift security guards
KPD
life insurance
FDIC
8
What is the purpose of a W-4 form?
To report employment
To report exact earnings
To claim dependency
To report taxes taken out
9
You must be married and have at least one dependent to claim head of household.
True
False
10
What two items are reported on a W-2 form?
exact earnings
estimated earnings
estimated tax bracket
exact taxes paid
11
The cost of what you are giving up when making a choice is called your opportunity cost.
True
False
12
Which tax is included in FICA?
Federal
Social Security
State
Medicare
13
What do salary workers get paid for overtime?
Time and a half
No pay increase at all
More deductions
Double time
14
Liquidity is your ability to turn assets into cash.
True
False
15
What is subtracted from gross income to get net income?
overtime
earned income
direct deposits
deductions
16
What should you look for when choosing a bank or credit union?
Services Available
Direct Deposit
Fees
Interest Rates
17
What type of income is reported on the 1099-INT Form?
net income
interest income
earned income
taxable income
18
What is the purpose of a W-2 Form?
To report exact earnings
To make a tax payment
To report vacation time
To get a tax refund
19
What is the purpose of a budget?
To ensure expenses do not exceed income
To plan for retirement
To show exactly what you spend money on
To predict where your money will go
20
Which of the following is the largest tax taken out of your paycheck?
state
city
medicare
federal
