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Business, Life Skills
10th -
12thgrade
EverFi Financial Literacy Lesson 2: Income and Employment
30 questions
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- 1. Multiple Choice
Generally, the more education you receive, the higher your lifetime earnings will be.
TRUE
FALSE
- 2. Multiple Choice
There is no relationship between the level of education received and lifetime earnings.
TRUE
FALSE
- 3. Multiple Choice
For most careers, which degree will most likely result in the highest lifetime earnings?
High school degree
Associate's degree
Licensure or certification
Bachelor's Degree
- 4. Multiple Choice
What is net pay?
The amount of pay earned for the total number of hours worked.
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
The amount of money you're paid before all taxes and deductions are taken out of your paycheck.
Your gross pay plus any bonuses.
- 5. Multiple Choice
Net pay is NOT ________.
The money that you take home on your paycheck.
Your gross pay plus any bonuses.
less than gross pay.
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
- 6. Multiple Choice
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called
________.
Gross pay
Net pay
Total pay
Year-to-date pay
- 7. Multiple Choice
Which of the following is a possible tax or deduction that they may show up on your paycheck?
Federal income tax
Contributions to retirement savings
FICA
All of the above
- 8. Multiple Choice
Which of the following is NOT a possible tax or deduction that could show up on your paycheck?
State income tax
Contributions to retirement savings
FICA
Sales tax
- 9. Multiple Choice
Which of the following is NOT a possible tax or deduction that could come out of your paycheck?
FICA
Overtime pay
Federal income tax
Contributions to retirement savings
- 10. Multiple Choice
What is the purpose of the W-4 form?
To file your tax return.
To determine how much your gross pay should be.
To inform your employer of how much federal income tax to withhold from your paychecks.
To avoid paying income taxes on your paychecks.
- 11. Multiple Choice
The W-4 tax form is used to ___________.
tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.
determine how much your gross pay should be.
file your tax return.
avoid paying income taxes on your paychecks.
- 12. Multiple Choice
When you start a new job, you fill out a W-4 form to _________.
determine how much your gross pay should be.
file your tax return.
avoid paying income taxes on your paychecks.
to determine how much federal income tax your employer should withhold from your paychecks.
- 13. Multiple Choice
Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.
1040
W-2
W-4
W-9
- 14. Multiple Choice
What does the W-2 form tell you?
How much you've earned and how much taxes you've paid in the last year.
When to file your tax return.
How much federal income tax your employer will withhold from your paycheck.
How often your employer will be paying you.
- 15. Multiple Choice
The W-2 form is a form that tells you _______.
how often you will be paid.
how much taxes you owe to the federal government.
ow much taxes to withhold from your paycheck.
how much taxes you've paid in the last year based on how much you've earned.
- 16. Multiple Choice
Which of the following statements is true about taxes?
Taxes pay for schools and government departments.
Taxes pay for roads and emergency services.
Taxes are often used at the federal, state, and local levels.
All of the above
- 17. Multiple Choice
What do taxes pay for?
Schools, government departments, roads, and emergency services
Privately owned businesses
Operation of financial institutions
None of the above
- 18. Multiple Choice
How does the government pay for roads, schools, and emergency services?
They are funded through non-profits.
They are funded through taxes.
They are funded through charitable donations.
None of the above
- 19. Multiple Choice
The ___________ is a flexible market that allows you to work short-term, independent jobs.
gig economy
labor market
employee workforce
sharing economy
- 20. Multiple Choice
What is the gig economy?
The number of people in the economy who have full-time employment jobs.
The total availability of employment and labor in the economy.
An economic system in which assets or services are shared between individuals.
A flexible market that allows you to work short-term, independent jobs.
- 21. Multiple Choice
The gig economy offers ________.
the total availability of employment and labor in the economy.
flexible, short-term, and independent jobs.
an economic system in which assets or services are shared between individuals.
the migration of workers to high-tech jobs.
- 22. Multiple Choice
What do you need in order to fill out your 1040?
Your W-2
Your routing and bank account number
A record of any other supplemental income
All of the above
- 23. Multiple Choice
What do you NOT need in order to fill out your 1040?
Your W-2
Your routing and bank account number
A record of any other supplemental income
Your employer benefits documentation
- 24. Multiple Choice
What do you need in order to fill out your 1040?
Your W-2
Your employer benefits documentation
Your credit card statement
Your job offer
- 25. Multiple Choice
When considering a job offer, you should only consider how much you're being paid before you accept the offer.
TRUE
FALSE
- 26. Multiple Choice
When considering a job offer, you should consider how much you're being paid and any other employee benefits before you accept the offer.
TRUE
FALSE
- 27. Multiple Choice
How much you're being paid is the only thing you need to consider when considering a job offer.
TRUE
FALSE
- 28. Multiple Choice
Which of the following is NOT considered part of your benefits package available from your employer?
Free technology equipment
Disability Insurance
Paid time off
Healthcare insurance
- 29. Multiple Choice
All of the following may be a part of your benefits package available from your employer, except:
disability insurance
matching contributions to a retirement account
FICA
healthcare insurance
- 30. Multiple Choice
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
benefits
pensions
deductions
allowances
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