Chapter 2 Quiz
Understanding Your Income: A Comprehensive Quiz
Test your knowledge on various aspects of income, taxes, and employee benefits with our engaging quiz! This quiz covers essential topics, including minimum wage, overtime pay, and unearned income.
- 25 multiple choice and text questions
- Learn about benefits and taxation
- Improve your financial literacy and employment understanding
Who sets the minimum wage?
The U.S. Congress
Your Insurance Company
The Federal Reserve
Your Work
Different states can have different minimum wages.
True
False
Overtime Pay gives an extra 1.5 times to a regular salary. If someone earns $13 an hour and works 40 regular hours a week, how much would they receive total if they worked 6 hours overtime within one work week?
$637
$498
$680
$543
Overtime Pay can not be higher than 1.5 times regular pay.
True
False
List three benefits may you receive from your job.
Cafeteria Style Benefits
Holidays Insurance
Commissions
Tips
Wages
Paid Vacation
What is an example of a retirement plan?
401k plan
FTC
Your Salary
Stocks
What are the standard hours in a workweek in an american workplace?
40 Hours
30 Hours
50 Hours
20 Hours
What is an example of unearned income?
Stocks
Salary
Tips
Commissions
What is the the total salary or wages earned during a pay period?
Net Pay
Median Pay
Gross Pay
Average Pay
What is the report of taxable income that workers receive during the calendar year?
W-4 Form
W-2 Form
E2 Form
10W Form
What is the minimum of employees needed for an employer to provide health insurance?
100 Employees
50 Employees
75 Employees
25 Employees
Is the money you pay for taxes based on your wealth?
Yes
No
What kind of tax is a tax levied as a percentage of the purchase price of goods and services sold to consumers?
Sales Tax
Tariff
Taxable Income
Federal Tax
What is something that is a set fee or a percentage of a sale paid to an employee instead of salary or wages?
Commission
Tips
Net Pay is the total of money you receive before or after deductions?
Before
After
What is an example of a personal leave?
Passed Relative
Vacation
After working your regular hours (40 hours), you start making ______, or an extra 1.5 times your regular pay.
Insurance gives you a _____ to pay when you receive money from the insurance company, or the amount of loss you have to pay.
Deductible
Reduction
Sick leave can only be used if you have an _____.
Illness
Sick Child
Sick Relative
Interest is a form of what?
Earned Income
Unearned Income
Comission
Stock
Wealth taxes are considered a _________ tax.
Progressive
Regressive
Sales
Cost
Gross Pay is the total amount of money you receive AFTER deductions towards your paycheck.
True
False
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