Personal Finance Lesson #1
Personal Finance Fundamentals Quiz
Test your knowledge of personal finance with our interactive quiz designed to enhance your understanding of key financial concepts. Whether you're a student or just someone looking to brush up on your financial literacy, this quiz covers essential topics like income, taxes, and employee benefits.
- 10 multiple-choice questions
- Learn about Social Security, Medicare, and more
- Discover how income and deductions impact your finances
Income can be defined as
The amount of money a person earns or receives from a job or doing work
The beckoning movement of a hand, welcoming someone in
Bank charges on your checking account
Investment options for your 401K
Health Insurance, 401K, Dental, State Tax, FICA, Medicare, or charitable donations are all examples of what?
Bills
Benefits
Deductions or Withholdings
Mandated federal charges
By US law, how much of every individual's income (per paycheck) must be contributed to Social Security?
10%
12.4%
15%
20%
The branch of the Government that collects taxes is the
Bureau of Wage & Hour
State Department
The Internal Revenue Service
The International Review Service
According to FICA, how much must an individual contribute to Medicare?
1%
2.9%
3%
4%
Federal Income Tax can be defined as what?
Money we pay to fund the government for its operation
A tax the government has citizens pay to help run the government
A fee all people pay whether they want to or not
Monies you can get returned to you on your annual tax return
A salaried position is what?
Paid by the hour
Paid by the week, pay period, or monthly
Isn't eligible for overtime
Gets extra benefits
A position that offers an hourly wage usually offers what?
A set amount of money per hour
Is usually eligible for overtime at 1.5 times the usual salary
Has very little benefits or taxes taken out
Doesn't have to pay FICA, Medicare, or state tax
The difference between a Paycheck and a Paystub is what?
A Paycheck shows all the money earned
A Paycheck is something that you can take to the bank and get money from
A Paystub shows all the deductions from your check, the gross and net pay, and often has a "fake" check attached
A paystub is the amount left over after taxes
Married people often get more of a tax break than single people
True
False
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