Post Test: Money Management

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Pittmanc323
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  • 1/8 Questions

    The amount of income from your wages or salary after payroll deductions is called: 

    • Gross income
    • Net income
    • Paycheck
    • Taxes
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About This Quiz

Post Test: Money Management
S. P. O. K. E. S 2008
Weirton, WV

Finance Quizzes & Trivia

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  • 2. 

    The amount of your income from your wages or salary before payroll deductions is called:

    • Gross income

    • Net income

    • Paycheck

    • Taxes

    Correct Answer
    A. Gross income
    Explanation
    Gross income refers to the total amount of income earned from wages or salary before any deductions such as taxes, insurance, or retirement contributions are taken out. It represents the total earnings received by an individual before any expenses or deductions are subtracted. Net income, on the other hand, is the amount of income remaining after all deductions have been made. Paycheck refers to the actual amount of money received by an individual in the form of a physical or electronic payment. Taxes are the specific amount of money paid to the government as a percentage of income.

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  • 3. 

    What is the common factor to consider for the deduction on your pay stub called FICA?

    Correct Answer
    Social security
    SS
    S.S.
    Explanation
    The common factor to consider for the deduction on your pay stub called FICA is social security. FICA stands for the Federal Insurance Contributions Act, which requires employees to contribute a portion of their wages to fund social security and Medicare programs. The deductions for social security are typically listed as SS or S.S. on the pay stub. These deductions are used to provide retirement, disability, and survivor benefits to eligible individuals.

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  • 4. 

    The more exemptions you clam on your W-4 (Employee Withholding Allowance Certificate) the fewer taxes are taken from you monthly pay.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    By claiming more exemptions on your W-4, you are essentially reducing the amount of taxes that are withheld from your monthly pay. This means that you will have a higher take-home pay each month. The number of exemptions you claim on your W-4 determines the amount of tax withheld, so the more exemptions you claim, the less tax is taken out of your paycheck. Therefore, the statement is true.

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  • 5. 

    Name one factor to consider when choosing a bank for opening a checking account.

    Correct Answer
    Service fees
    Service charges
    location
    use of card
    credit limits
    Explanation
    When choosing a bank for opening a checking account, it is important to consider factors such as service fees, service charges, location, use of card, and credit limits. Service fees and charges can vary between banks and can significantly impact the overall cost of maintaining a checking account. The location of the bank is also crucial as it should be easily accessible for regular banking needs. The use of card, including ATM access and debit card usage, is another factor to consider for convenient and efficient banking. Lastly, credit limits may be relevant for those who require overdraft protection or want to access credit facilities through their checking account.

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  • 6. 

    Define the term "Value"

    Correct Answer
    Standards
    Morals
    Principles
    ethics
    Ideas
    Explanation
    The term "value" refers to the standards, morals, principles, ethics, and ideas that a person or society holds as important or desirable. These values shape our behavior and decision-making, guiding us in distinguishing between right and wrong, good and bad, and what is meaningful and valuable in life. They serve as a foundation for our beliefs, attitudes, and actions, influencing our relationships, choices, and overall worldview.

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  • 7. 

    Give a Definition for money management.

    Correct Answer
    Managing money in reasonable way.
    controlling money in wise manner
    managing money in wise manner
    budgeting your income
    budgeting your money
    Explanation
    Money management refers to the practice of handling and controlling one's finances in a responsible and prudent manner. It involves making informed decisions about how to allocate and utilize money, ensuring that expenses are within budget and income is properly managed. By effectively managing money, individuals can achieve financial stability, meet their financial goals, and avoid unnecessary debt or financial hardships.

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  • 8. 

    Understanding food is an example of a need and stake is a want. Another example of a want vs. need is:

    • Clothes vs. Name brand jeans

    • Water vs. Coke

    • Coke vs. Pepsi

    • Transportation Vs. Personal Vehicle

    • Ralph Lauren vs. Calvin Klein

    Correct Answer(s)
    A. Clothes vs. Name brand jeans
    A. Water vs. Coke
    A. Transportation Vs. Personal Vehicle
    Explanation
    More than one answer may be correct.

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Nov 13, 2008
    Quiz Created by
    Pittmanc323
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