Chapter 2 Jeapordy

A

100

What does EI stand for?

Employment Insurance

200

What are 2 examples of variable expenses?

Many Options.....

300

True or False: The more money you make (salary) the more income tax you pay.

True

400

If Lizzie makes $600 gross pay per week and her net pay is $540. What percent (%) of her earnings does Lizzie take home?

90%

B

100

A Netflix Subscription is an example of a _____________ expense.....

Non-Essential/Fixed

200

What is an essential expense?

Things you NEED to pay for.

300

Who pays into the Canada Pension Plan?

Employees and Employers

400

Alex has a gross pay of $982. His EI deduction is $14, his CPP is $29, his income taxes come to $75. What is his net pay?

$864

C

100

List 2 Essential Expenses

Many Options...

200

Net Pay is also called ______-______ pay.

Take-Home

300

True/False: Using a credit card and car insurance would increase someones purchasing power. Explain your answer.

False - Limits ability to buy

400

Steven works at Staples. He makes $17.20 per hour and works 40 hours per week? What should Steven expect to make if he works 50 weeks during the year?

$34400

D

100

What does CPP stand for?

Canada Pension Plan

200

Who is eligible to collect EI? (2)

- Unemployed people (lost their job) who are actively looking for employment. 

- Those who can't work due to other reasons (medical, family, etc.)

300

Who pays into the Canada Pension Plan?

Employees and Employers

400

If Jack works 38 hours a week and makes $13.80/hr. What is his weekly gross income?

$524.40

E

100

All employees pay federal income tax and __________ income tax.

Provincial

200

Paying rent every month typically is what kind of expense?

Fixed Expense

300

Name one example of a deduction on a pay cheque...

CPP, EI, Income Tax

400

Bennys EI premium is $7.98. He works 48 weeks during the year. What is Bennys annual EI payment?

$383.04