Econ. and Personal Finance Test Review #1

Bachelor's Degree

• 2 years of college

• 3 years of college

• 4 years of college

• 5 years of college

What is your net pay for the prior question (20 hour week at $ 15 an hour) if taxes are 20% of your gross pay?

• $240.00

• $300.00

• $180.00

• $240.50

Gross Pay

• Pay after taxes are withheld.

• Pay before taxes are withheld.

• Net income after deductions.

• Total earnings including bonuses.

What is the gross pay if you work 20 hours and earn $20.00 per hour?

• $300.00

• $400.00

• $500.00

• $600.00

You are a non-exempt employee and work 50 hours in a week.  Your pay rate is $ 20 per hour.  How much will this week's paycheck be?

• $800.00

• $1,000.00

• $1,100.00

• $1,200.00

You work a 20 hour week and are paid $15.00 per hour. Are you full or part time?

• Full time

• Part time

• Overtime

• Temporary

How much does the Fair Labor Standards Act require someone to be paid if they work overtime?

• Time and a half X their hourly rate

• Double their hourly rate

• Standard hourly rate

• Time and a quarter X their hourly rate

What level of completed education will on average earn the highest income?

• Vocational Trade School certification

• High School Diploma

• Associate Degree

• Bachelor's Degree

Goals that do help you organize your time?

• Goals, organize and prioritize tasks

• Goals, procrastinate and delay tasks

• Goals, ignore and avoid tasks

• Goals, randomize and shuffle tasks

When is a W-4 form filled out?

• Before you start work

• After you receive your first paycheck

• At the end of the tax year

• When you change jobs