Money Management Question Preview (ID: 5282)

Final Exam Review: Paychecks, Benefits, And Insurance.[print questions]

Your net pay
a) has taxes and other deductions taken out
b) does not have taxes and other deductions taken out
c) is your gross pay

Of the following, which is not mandated by the government to be taken out of your paycheck?
a) health care
b) federal income tax
c) social security
d) medicare

Retirement money that the company pays for
a) pension plan
b) social security
c) 401K
d) IRA

Retirement money that the government pays for
a) social security
b) pension plan
c) 401K
d) IRA

What a company offers if they can't pay you what you want
a) Benefits
b) Insurance
c) Social security
d) Unemployment

New York State requires this type of insurance for car owners
a) Liability
b) Collision
c) Comprehensive
d) Property

Of the following people, which one should have life insurance more than the others?
a) A married couple with two young children
b) A married couple with two grown children who have moved out of the house
c) A single woman with no children
d) A widowed man with grown, independent children

A reason why a person should get direct deposit
a) Paycheck will never get lost or stolen
b) Person will less likely spend their paycheck
c) Person will pay more attention to what is being taken out
d) So you don't have the hassel of collection paycheck stubs

The form you fill out that tells your employer how much tax to withhold
a) W-4
b) W-2
c) 1099-INT
d) 1040 EZ

In regards to car insurance, what does the 50 stand for in the following: 50/100/25
a) $50,000 toward medical expenses for one person in the car
b) $50,000 toward medical expenses for every person in the car
c) $50,000 toward the purchase of another car
d) $50,000 toward any property damage that happened as a result of the accident

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