Accounting Test

9 Questions  I  By Kristyferran
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Accounting Quizzes & Trivia
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  • 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. 

      About $900.00

    • B. 

      About $970.00

    • C. 

      About $770.00

    • D. 

      About $550.00

    • E. 

      About $850.00


  • 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. 

      The cell letter and number you want to start with

    • 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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