Financial Management: Question Preview (ID: 17212)

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Jerry’s gross pay for this pay period was $525.00. He had the following deductions taken from his pay check ( Federal Income Tax $78.75, State Income Tax $36.75, FICA $40.16). What is his net pay?
a) $525.00
b) $369.34
c) $155.66

The federal program that assists older Americans with insurance and income is called _____.
a) FICA (Federal Insurance Contribution Act)
b) Federal Income Tax
c) State Income Tax

Sara earns $10.00 an hour. She worked 40 hours this pay period. Her gross pay was $400.00. She had the following deductions taken from her pay stub ($60.00 in Federal Income Tax, $28.00 in State Income Tax, $30.60 in FICA). What is Sara’s net pay?
a) $118.60
b) $518.60
c) $281.40

Mark assembles widgets at a factory. He makes $.10 for each widget that he correctly assembles. The production rate is 80 widgets an hour. What is John's gross pay for an 8 hour shift if he meets this production rate?
a) $640
b) $64
c) $80

Jen makes widgets at a factory. If she can make 400 widgets in 8 hours, what is her hourly production rate?
a) 5 widgets per hour
b) 3200 widgets per hour
c) 50 widgets per hour

Pay for work beyond 40 hours in a work week is called ______ _____.
a) net pay
b) gross pay
c) overtime pay

A fixed amount of money paid to a worker for each item satisfactorily produced or assembled or each action satisfactorily completed is a _______________.
a) piece rate pay
b) hourly wage
c) production rate

Nellie earns $10.00 per hour. During this pay period she worked 36 hours. How much was her gross pay?
a) $36
b) $360
c) $540

A __________________ is a for profit financial institution that is run by share holders.
a) commercial bank
b) credit unions
c) retirement account

A ____________________ is a nonprofit financial institution that is run by its members.
a) commercial bank
b) credit union
c) pay day loan

Pam is ready to reconcile her bank statement with her check register. What should she do?
a) Subtract deposits made since the statement.
b) Add outstanding checks made since the statement.
c) Add outstanding deposits and subtract outstanding checks written since statement.

Tommy has a basic account that allows him to deposit and withdraw money, write checks, and receive a monthly statement with no service charge if he maintains a minimum balance of $250. What type of account is this?
a) Checking Account
b) Savings Account
c) Retirement Plan Account

Which financial institution usually has the highest interest rates?
a) credit unions
b) payday loans
c) commercial banks

John wants to budget 20% of his income for savings. If he makes about $1,600 each month, how much of his budget will be savings?
a) $160
b) $320
c) $400

The amount Travis spends in gas every month changes based on gas prices and how much he drives. This would make gas an example of a:
a) fixed expense
b) variable expense
c) periodic expense

Which of the following is one of the steps in creating a budget?
a) Use percentages to see how much of the total income should be set aside for each expense.
b) Create a spending chart for special events like birthdays and holidays.
c) Create a table for cash gifts and gift cards you receive.

Salena wants to save $2400 over the next 2 years to pay for a trip to Mexico to visit family. How much will she need to save each month in order to reach her goal?
a) $1000
b) $100
c) $83.33

Housing is an example of a(n):
a) Need
b) Want
c) Income

An example of a short term goal is:
a) Saving for 2 months for an $80 outfit
b) Saving for 5 years for a $3000 dream vacation to Italy
c) Saving for 3 years for a $1500 car down payment

Victor wants to save $100 over the next 4 months for a lift ticket to go skiing. How much should he save each month in order to meet his goal?
a) $400 a month
b) $50 a month
c) $25 a month

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