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Personal Finance--4.01 Review Questions
Test Description: 4.01 Review Questions
Instructions: Answer all questions to get your test result.
1) Larry enclosed with his income tax returns a form showing all income he earned from his job during that tax year. Which form is this?
A
Paycheck stubs
B
W-2 form
C
Employment contract
D
W-4 form
2) Maria received a form in the mail showing the interest she has earned on her bank accounts. Which form is this?
A
W-2
B
1040 EZ
C
W-4
D
1099- INT
3) Tim had $52.37 of federal income taxes taken out of his paycheck. What type of tax is this?
A
property
B
regressive
C
sales
D
progressive
4) The employment agency asked Nick to complete an Employment Eligibility Verification form to show that he was able to work in the United States. What type of form is this?
A
W- 4
B
W-2
C
I-9
D
Form 1040
5) Dennie and Marie submit their federal income taxes each year using the most common U.S. tax return. What type of form is this?
A
W- 4
B
W-2
C
Form 1040
D
I-9
6) Danny's new employer instructed him to come by the office and complete an Employee's Withholding Allowance Certificate. What type of form is this?
A
W-4
B
I-9
C
Form 1040
D
W-2
7) Janet's accountant asked her to provide a copy of her Wage and Tax Statement as soon as she receives it from her employer. What type of form is this?
A
Form 1040
B
W-2
C
W-4
D
Form 1099
8) Sam was told that he will receive his pay by direct deposit. What benefit can Sam expect with this way of being paid?
A
Able to carry more cash
B
Additional banking fees
C
Greater security/less likelihood of loss
D
24-hour access to funds
9) Sabrina was told that she would receive her pay by payroll card. What benefit can Sabrina expect with this way of being paid?
A
Receive a paycheck stub
B
Additional banking fees
C
24-hour access to funds
D
Able to carry more cash
10) Jerry had $100 insurance and medical deductions withheld from his pay each month. After also deducting $125 in taxes, Jerry's take-home pay was $475. The $475 amount is Jerry's:
A
hourly wages.
B
net pay.
C
deductions
D
gross pay.
11) Ben receives a prepaid card for his salary and uses the card to get cash at an ATM machine. What form of payment for work is this?
A
Monthly paycheck
B
Weekly paycheck
C
Direct deposit
D
Payroll card
12) Ben's receives his wages every week in a paper document showing pay deductions on the stub. What form of payment for work is this?
A
Payroll card
B
Weekly paycheck
C
Direct deposit
D
Monthly paycheck
13) Sharon's salary is deposited each month on the twenty-eighth by her employer into her bank account. What form of payment for work is this?
A
Weekly paycheck
B
Monthly paycheck
C
Direct deposit
D
Payroll card
14) While in college, Don was paid minimum wage by the hour for part-time work. After graduating, he earned a set amount per month. What forms of monetary compensation are these?
A
Salary during college, wages after
B
Gratuities during college, wages after
C
Tips during college, salary after
D
Wages during college, salary after
15) Elaine earned $200 this week from her base pay at Steak Lobster plus an additional $150 from tips. What forms of monetary compensation are these?
A
Gratuities plus bonuses
B
Salary plus wages
C
Wages plus gratuities
D
Salary plus commission
16) When company profits were good, Earl and other section managers received an extra $1,000 as a thank-you for good management practices. What form of monetary compensation is this?
A
Tip
B
Bonus
C
Commission
D
Wage
17) Sean earns 10% of the selling price of each pair of shoes he sells. What form of monetary compensation is this?
A
Gratuity
B
Commission
C
Salary
D
Wage
*select an answer for all questions
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