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Quiz Show Financial Literacy Chapter 2 Quiz Review

Quiz Show Financial Literacy Chapter 2 Quiz Review. Taxes and other deductions are items subtracted from a worker’s gross pay to calculate net pay…. Vacation days, holidays and sick leave are examples of “pay without work” benefits….

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Quiz Show Financial Literacy Chapter 2 Quiz Review

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  1. Quiz ShowFinancial Literacy Chapter 2 Quiz Review

  2. Taxes and other deductions are items subtracted from a worker’s gross pay to calculate net pay…

  3. Vacation days, holidays and sick leave are examples of “pay without work” benefits…

  4. The more you pay in tax deductions, the higher your disposable income (or take home pay)

  5. Owning a small business involves hard work but very little risk…

  6. Everyone who earns any money must file a tax return…

  7. A lifestyle self-employment business is one where the owner pursues a business in his own hobbies and intends to keep the business small…

  8. If you do not work in a given year, you cannot use the public goods and services provided by our tax dollars…

  9. What do we call a percentage of a sale paid to a salesperson based on how much they sell? commission

  10. What insurance will provide an employee with unearned income payments to replace income lost when illness, pregnancy or injury (not job related) prevents one from working? disability insurance

  11. Match up the following words and definitions benefits entrepreneur net pay sick leave minimum wage the lowest pay rate allowed by law amount of paycheck after deductions forms of pay other than salary or wages a person who takes the risks Of being self-employed paid time away from work due to illness

  12. Which of the following payroll deductions is optional or voluntary? social security tax medicare tax state income tax federal income tax retirement contribution

  13. Which of the following payroll deductions is required by law? charitable donation group life insurance health/medical insurance savings plan federal income tax

  14. Which of the following is NOT a benefit often received by full-time workers perks sick/maternity leave pay without work (vacation, holiday) health/medical insurance lunch money

  15. Social security tax is…. a system set up for government paid retirement income required by law for your employer to withhold as a deduction meant for distribution to workers who have retired from working a fixed 6.2% percent deduction from your income all of the above

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