Learn About Budgets Accounting Trivia!

9 Questions | By Kristyferran | Last updated: Mar 16, 2022 | Total Attempts: 298

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We love budgets. We love Gross vs net income. Play this quiz and learn this accounting quiz!

Questions and Answers

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