Financial Math U4 Review

Which of the following is not good to do when trying to make a good first impression at a job interview?

• Greet the interviewer with a firm handshake

• The interviewee should make eye contact and smile when greeting the interviewer

• Address the interviewer by name

• Give the interviewer a business card before shaking hands

Which of the following is the best example of a hard skill to include on a resume?

• Great at keeping track of important tasks and documents

• Excellent communicator both verbally and in writing

• Proficient in web development and coding, including C++ and Java Script

• Superb critical thinker in complex situations.

A company only has to provide an IRS Form 1099 if it paid an independent contractor more than $600 over the course of the year.

• True

• False

Kayla works full-time at a flower shop and makes $7.50 an hour. Every year during the week of Mother’s Day, she gets overtime and looks forward to the extra money. This year was especially busy and she was able to clock-in for 62 hours! What amount will Kayla get paid in total for the week?

• $465

• $697.50

• $615

• $547.50

Kimberly decided to work at a firework shack last summer to make extra money. She was hired as an independent contractor because she only worked for one month. Because she only made $372, what kinds of taxes does she have to pay?

• Kimberly did not receive a 1099 form, so she is not obligated to pay any taxes.

• Kimberly must pay all of her taxes because she had income.

• Kimberly does not have to pay FICA contributions but must pay income taxes.

• Kimberly does not have to pay income taxes but must pay FICA contributions.

What is the difference between gross income and net income?

• Gross income is a person’s take-home pay and net income is the withholdings taken out of a person’s check for things like taxes.

• Gross income is a person’s total income. Whereas, net income is the amount of income a person keeps after withholdings are taken out.

• They mean the same thing.

• Gross income is the amount of income a person keeps after withholdings are taken out, and net income is a person’s total income.

Which of the following would not be considered a common paycheck deduction?

• FICA withholdings

• Auto insurance

• Social Security contributions

• Retirement contributions

Which of the following would be considered passive income?

• Hourly wages

• Earnings from tips

• Annual salary

• Rental income

Corbin likes to work at the local tree farm during the holiday season to make extra money. This season was successful, and he made about $900. As a seasonal employee, Corbin is considered an independent contractor. Which of the following IRS forms can Corbin expect to receive for filing his taxes?

• IRS Form W-2

• IRS Form W-4

• IRS Form 1040

• IRS Form 1099

The IRS Form W-2 is a record of the income and withholdings an employee has received during a given year

• True

• False