Gross Pay vs. Net Pay
The overall amount you earn "Prior To" any abstructions are deducted are called what?
Gross
This account allows you to withdraw money, pay a bill, or make purchases easily
Checking Account
Which is NOT a money management skill discussed in the reading material?
a)Estimating expenses
b)Managing your time in a healthy manner
c)Formulating a budget
d)Saving for emergencies
b)Managing your time in a healthy manner
Flexible expenses refer to:
a)Expenses that are always unexpected
b)Expenses that can change
c)Expenses that never change
d)None of the above
b)Expenses that can change
True or False
It is safe to use oil or petroleum products on oxygen cylinders and their regulators
False
Rate + Hours Worked = _______ pay
Gross Pay
This allows you to withdraw cash from your account or make payments electronically
Debit Card
A good example of a flexible expense is:
a)Rent
b)Life insurance payment
c)Grocery bill
d)Monthly gym membership
c)Grocery bill
What are some typical expenses for a person just starting out in a rental apartment?
a)Interest income, tax refunds
b)Take-home pay, mortgage insurance
c)Rent, renters insurance, transportation costs
d)All of these
c)Rent, renters insurance, transportation costs
True or False
It is safe to take metal objects into an MRI scan room as long as they are placed securely into your pocket?
False
True or False
Gross income is the amount of money you recieve after deductions
False
It's the total amount of money you earn
The number of a checking account is also known as:
Account Number
Money in your emergency fund could be wisely used:
a)To buy a new pair of shoes that went on sale
b)To put money down on a new car
c)To pay for an unforeseen health expense
d)To lend money to a friend to pay off credit card debt
c)To pay for an unforeseen health expense
What area of expenses is best to target when looking for possible ways to cut back on spending?
a)Actual
b)Fixed
c)Flexible
d)All of the above
c)Flexible
True or False
Employees driving personal vehicles for business operations must follow the same company rules for safe travel as employees operating company owned, leased, or rented vehicles
True
True or False
Net Pay is the amount of money you recieve after deductions are subtracted from your gross income
True
A common financial service used by many customers that can help to manage money and pay bill more conveniently is a:
Checking Account
Preparing a budget is:
a)An ongoing process
b)Something you only have to do once in your lifetime
c)Not an effective way to save money
d)A method for calculating take-home pay
a)An ongoing process
True or False
Fixed expenses are expenses that remain the same from month to month(rent, cable bill, car payment)
True
True or False
Employees driving personal vehicles for business operations must follow the same company rules for safe travel as employees operating company owned, leased, or rented vehicles
True
What are income taxes
NO WRONG ANSWERS (as long as it's on topic)
Income taxes are are taxes leived(impose) by a government directly on income
Which account would most likely offer the highest interest rate?
CD (certificate of deposit)
How much money should you save each month?
a)Always save 5% of your income
b)You must decide what you can afford
c)Save $50 from every paycheck
d)Only save your spare change
b)You must decide what you can afford
True or False
Variable expenses are expenses that occur at various times throughout the year and tend to be in large amounts(tuition payment, car repairs)
False
They are expenses that vary from month to month (electriticy, gas, groceries, clothing).
True or False
Compressed gas cylinders can be safely transported by placing them on your shoulder
False