Post Test: Money Management

Approved & Edited by ProProfs Editorial Team
The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.
Learn about Our Editorial Process
| By Pittmanc323
P
Pittmanc323
Community Contributor
Quizzes Created: 1 | Total Attempts: 189
Questions: 8 | Attempts: 189

SettingsSettingsSettings
Money Quizzes & Trivia

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


Questions and Answers
  • 1. 

    Give a Definition for money management.

    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.

    Rate this question:

  • 2. 

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

    • A.

      Clothes vs. Name brand jeans

    • B.

      Water vs. Coke

    • C.

      Coke vs. Pepsi

    • D.

      Transportation Vs. Personal Vehicle

    • E.

      Ralph Lauren vs. Calvin Klein

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

    Rate this question:

  • 3. 

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

    • A.

      Gross income

    • B.

      Net income

    • C.

      Paycheck

    • D.

      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.

    Rate this question:

  • 4. 

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

    • A.

      Gross income

    • B.

      Net income

    • C.

      Paycheck

    • D.

      Taxes

    Correct Answer
    B. Net income
    Explanation
    Net income refers to the amount of income that an individual earns from their wages or salary after all payroll deductions have been subtracted. These deductions may include taxes, insurance premiums, retirement contributions, and any other withholdings. Net income is the actual amount of money that an individual takes home and can use for their expenses and savings. It is important to distinguish net income from gross income, which is the total amount of income earned before any deductions are made.

    Rate this question:

  • 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.

    Rate this question:

  • 6. 

    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.

    Rate this question:

  • 7. 

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

    • A.

      True

    • B.

      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.

    Rate this question:

  • 8. 

    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.

    Rate this question:

Related Topics

Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.