Personal Finance Final Review

Front

Which is an example of opportunity cost?

Back

Angie chose to buy a dress instead of paying her school fees. Her school fees were the opportunity cost.

Front

Which of the following products have an imposed excise tax? Car, Computer, Gasoline, Groceries

Back

Gasoline

Front

The government uses money from taxes to:

Back

provide goods and services for the public

Front

What is a fixed expense in a budget?

Back

an expense that stays the same

Front

Joan's income is $2800 and her expenses are $1927. What is her discretionary income?

Back

$873

Front

A salaried worker would be compensated by which of the following? Yearly income of $40,000 divided into 24 equal payments, Weekly income based on $19 hourly rate, Bi-monthly income based on a base rate with tips, Weekly payments made with cash

Back

Yearly income of $40,000 divided into 24 equal payments

Front

Deductions taken from a person's paycheck include ______________________________.

Back

Federal withholding tax, state withholding tax, and FICA (Social Security and Medicare)

Front

Working 40 hours a week with a regular salary and benefits is which source of income?

Back

Full Time Job

Front

Which payroll deduction is for retirement and disability benefits? Options: Medical insurance, Federal income tax, Life insurance, Social security tax

Back

Social security tax

Front

If Jaryn has more dependents than Xavier on their W-4, what will this likely mean for Jaryn's paycheck?

Back

Jaryn will pay less in taxes than Xavier.