# Accounting Test

9 Questions

We love budgets.   We love Gross vs net income.

• 1.
What is the difference between gross vs net pay?
• A.

Gross is the amount of money you get after taxes Net is before taxes

• B.

Gross and Net amounts are pretty much the same when you make between \$40,000.00 and \$60,000.00 every year.

• C.

Net is the amount of money after taxes Gross is the amount before taxes no matter how much money you make.

• D.

Net is the amount of money after taxes gross is the amount before taxes only when you make more than \$20,000.00.

• E.

None of the Above

• 2.
Murtle is paid biweekly.  In each two-week period, she works 64 hours and earns \$15.15 per hour.  She is married, and she and her husband have one child.The Social Security deduction is 6.2% and the Medicare deduction is 1.45%.  State and federal taxes are also deducted.  Help Murtle calculate the deductions from her paycheck.    State taxes : ____________\$75.98________________________________    Federal taxes: __________\$50.45________________________________How much is Murtles paycheck every 2 weeks after all of her taxes is taken out
• A.

• B.

• C.

• D.

• E.

• 3.
1. Chad makes \$150,000.00 per year salary at his job.  What is the maximum amount of money that Chad should have in a monthly debt payments (back-end)?
• A.

\$54,000.00

• B.

\$6000.00

• C.

\$4500.00

• D.

None of the above

• 4.
Moe makes \$42,000.00 per year at her job.  What is the maximum amount of money per month that Moe should have according to the (front-end)?
• A.

\$980.00

• B.

\$1,100.00

• C.

\$11,760.00

• D.

None of the Above

• 5.
Molly and her husband make a combined gross salary of \$210,000.00.  They have car payments of \$500.00 and \$320.00.  They also have a credit card payment of \$200 per month.  They have \$600 student loan payments.  According to the front-end ratio, how much can they pay monthly for a home loan?
• A.

\$10,000.00

• B.

\$58,800.00

• C.

\$4,900.00

• D.

None of the Above

• 6.
Molly and her husband make a combined gross salary of \$210,000.00.  They have car payments of \$500.00 and \$320.00.  They also have a credit card payment of \$200 per month.  They have \$600 student loan payments.  According to the back-end ratio, how much of a payment could they have for a new home?
• A.

\$75,600.00

• B.

\$6,300.00

• C.

\$4,680.00

• D.

\$5,280.00

• E.

None of the Above

• 7.
1.    In Numbers (the spreadsheet application) you start every formula with
• A.

A dollar sign

• B.

An equals sign

• C.

• D.

All of the above

• E.

None of the above

• 8.
If the Regular Expense Total was in cell B24 and the Discretionary Expense Total was in B34 what would the formula look like for Total Expenses:
• A.

=B24+B34

• B.

B24+B34=

• C.

B24+B34

• D.

None of the Above

• E.

A and B would work

• 9.
My ________________should = my ____________________ to create something that is called a balanced budget
• A.

Gross income,Net income

• B.

Total expenses, Gross income

• C.

Net income, total expenses

• D.

Regular expenses and Discretionary Expenses, Net Income

• E.

Both c and d

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