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Money Management
Test Description: Final Exam Review: Paychecks, Benefits, and Insurance
Instructions: Answer all questions to get your test result.
1) Your net pay
A
does not have taxes and other deductions taken out
B
is your gross pay
C
has taxes and other deductions taken out
2) Of the following, which is not mandated by the government to be taken out of your paycheck?
A
social security
B
medicare
C
health care
D
federal income tax
3) Retirement money that the company pays for
A
social security
B
IRA
C
pension plan
D
401K
4) Retirement money that the government pays for
A
social security
B
pension plan
C
401K
D
IRA
5) What a company offers if they can't pay you what you want
A
Insurance
B
Unemployment
C
Benefits
D
Social security
6) New York State requires this type of insurance for car owners
A
Liability
B
Comprehensive
C
Collision
D
Property
7) Of the following people, which one should have life insurance more than the others?
A
A single woman with no children
B
A married couple with two young children
C
A widowed man with grown, independent children
D
A married couple with two grown children who have moved out of the house
8) A reason why a person should get direct deposit
A
Person will less likely spend their paycheck
B
Paycheck will never get lost or stolen
C
So you don't have the hassel of collection paycheck stubs
D
Person will pay more attention to what is being taken out
9) The form you fill out that tells your employer how much tax to withhold
A
W-4
B
1040 EZ
C
W-2
D
1099-INT
10) In regards to car insurance, what does the 50 stand for in the following: 50/100/25
A
$50,000 toward medical expenses for every person in the car
B
$50,000 toward any property damage that happened as a result of the accident
C
$50,000 toward the purchase of another car
D
$50,000 toward medical expenses for one person in the car
*select an answer for all questions
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