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Salary And Taxes
Test Description: Calculating Net Monthly Income, Deductions, GMI, etc.
Instructions: Answer all questions to get your test result.
1) You make $48,000 a year from your job. What is your gross annual income?
A
$4,000
B
$12,000
C
$48,000
D
$24,000
2) If your Gross Annual Income is $48,000, what is your Gross MONTHLY Income?
A
$12,000
B
$4,000
C
$48,000
D
$24,000
3) Which of the following is a disadvantage of using credit?
A
It allows you to track the money you are spending
B
It encourages impulse or unplanned buying
C
It allows you to buy now and pay later
D
It allows you to establish credit
4) If your GMI is $4,000 and your deductions are $362, what is your NMI?
A
$4,000
B
$3,638
C
$4,362
D
$362
5) What is the difference between GROSS income and NET income?
A
Gross income is disgusting
B
They are the same
C
Gross income is your income after deductions and net income is your income before deductions
D
Gross income is your income before deductions and net income is your income after deductions
6) Where are your deductions usually paid to?
A
Expenses
B
Stores
C
My mom
D
The government
7) Which is an example of a fixed expense?
A
Car payment
B
Food
C
Entertainment
D
Clothes
8) Which of the following about debit cards is true?
A
Use of a debit card takes money driectly from a person's bank account
B
A debit card can be used even if there is not enough money in a person's account
C
A debit card is just another name for a credit card
D
Using a debit card is the same as securing a loan
9) Which is an example of a variable expense?
A
Car payment
B
Insurance
C
Rent
D
Food
10) Which payment method is like getting a loan?
A
Writing a check
B
Swiping your credit card
C
Paying with cash
D
Swiping your debit card
*select an answer for all questions
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