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- 1. Multiple Choice
Required charges of citizens by local, state, and federal governments are called:
charges
taxes
- 2. Multiple Choice
With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account
direct deposit
payroll card
- 3. Multiple Choice
The length of time for which an employee’s wages are calculated
direct deposit
pay period
- 4. Multiple Choice
Total amount paid to an employee each pay period, including regular pay, overtime pay, and other taxable earnings (such as reimbursements)
net pay
gross pay
- 5. Multiple Choice
The amount of money subtracted from the gross income for taxes. Typically about 30% of your paycheck
social security
medicare
deductions
- 6. Multiple Choice
Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income
gross pay
withholdings
net pay
real pay
- 7. Multiple ChoiceWhich is bigger, gross pay or net pay?gross paynet pay
- 8. Multiple Choice
Mrs. Smith's gross income was $2,500, however she was only able to take home $2,150 (net income). Why was there a difference in what she earned versus what she took home?
There was a difference in the amounts because she was late to work.
There was a difference in the amounts because she had deductions taken out from the gross income.
- 9. Multiple Choice
Brandon was offered a job with a salary of $400 a week. When he received his first paycheck, the amount was $312. Based on this information, which statement might explain the reason for the difference between his $400 salary and his $312 paycheck?
His gross income was $312 because he took a few days off.
His gross income was $400, but his net income was $312 because taxes were deducted.
- 10. Multiple Choice
Chase had his first job at a grocery store. He was able to work for 10 hours at a rate of $10 per hour and make $100 for the week. His paycheck was for the amount of $85. Which of the following describes this amount ($85)?
$85 is his gross income
$85 is his net income
- 11. Multiple Choice
Gross income is:
the total amount of money you earn
the amount of money you receive after decuctions are subtracted
- 12. Multiple Choice
A deduction is
gross income
money added to your income
net income
money taken out of your income
- 13. Multiple Choice
Alexis worked 24 hours last week. If she earns $12 per hour, what was Alexis' gross pay?
$36
$144
$288
$312
- 14. Multiple Choice
Gross income minus deductions equals your net income.
If Amorelle made $384 in gross income and her deductions are $122, what is her net income?
$506
$406
$262
$266
- 15. Multiple Choice
Marco had the following deductions from his paycheck:
Federal Income tax: $44
Social Security tax: $23
Medicare tax: $5
Health Insurance: $24
What is the total amount of his deductions?
$39
$67
$91
$96
- 16. Multiple Choice
David's gross income: $127.25
David's deductions: $25.20
What is David's net income?
$102.05
$102.45
$112.05
$152.45
- 17. Multiple Choice
A record of income and spending and a plan for managing money.Discretionary IncomeExpendituresBudget - 18. Multiple ChoiceExpenses that do not change from month to month, such as auto insurance or rent.Variable ExpensesFixed Expenses
- 19. Multiple ChoiceGoods or services that people cannot survive without, such as water, food, shelter and clothing.NeedsWants
- 20. Multiple ChoiceGoods or services that make people more comfortable or content, but which are not necessary for survival.
NeedsWants - Answer choicesTagsAnswer choicesTags