Salary And Taxes Question Preview (ID: 12978)


Calculating Net Monthly Income, Deductions, GMI, Etc. TEACHERS: click here for quick copy question ID numbers.

You make $48,000 a year from your job. What is your gross annual income?
a) $12,000
b) $48,000
c) $4,000
d) $24,000

If your Gross Annual Income is $48,000, what is your Gross MONTHLY Income?
a) $4,000
b) $48,000
c) $12,000
d) $24,000

Which of the following is a disadvantage of using credit?
a) It allows you to buy now and pay later
b) It allows you to track the money you are spending
c) It allows you to establish credit
d) It encourages impulse or unplanned buying

If your GMI is $4,000 and your deductions are $362, what is your NMI?
a) $4,000
b) $362
c) $3,638
d) $4,362

What is the difference between GROSS income and NET income?
a) Gross income is your income before deductions and net income is your income after deductions
b) Gross income is disgusting
c) They are the same
d) Gross income is your income after deductions and net income is your income before deductions

Where are your deductions usually paid to?
a) My mom
b) The government
c) Expenses
d) Stores

Which is an example of a fixed expense?
a) Car payment
b) Food
c) Clothes
d) Entertainment

Which of the following about debit cards is true?
a) A debit card is just another name for a credit card
b) Using a debit card is the same as securing a loan
c) Use of a debit card takes money driectly from a person's bank account
d) A debit card can be used even if there is not enough money in a person's account

Which is an example of a variable expense?
a) Insurance
b) Rent
c) Food
d) Car payment

Which payment method is like getting a loan?
a) Swiping your credit card
b) Writing a check
c) Paying with cash
d) Swiping your debit card

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