Careers & Job Process
What is a direct deposit form?
A form that allows your employer to put your pay directly into your bank account.
When is Tax Day?
April 15th
What is a checking account vs. a savings account?
Checking account is a transactional account for every day expenses.
Savings account is a long term account to put money aside for various goals and earn interest.
Whose face is on the dime?
President Franklin D. Roosevelt
What is an I-9 form?
It is used to prove you can legally work in the US.
What is gross pay vs. net pay?
Gross pay is your income before deductions. Net pay is your pay after deductions.
What is a W-2 form?
A form that an employer must send to an employee and the IRS at the end of the year to report the employee's annual wages and taxes withheld from their paycheck.
What is interest?
the cost of borrowing money or the return on investment
The song "Money, Money, Money" is performed by what Swedish pop group?
ABBA
What are the three ways you can receive your paycheck?
Cash, check, direct deposit.
List 3 things federal income taxes are spent on.
Military, education, parks, construction, maintenance, etc.
When was the Federal Reserve created?
1913
What does "GDP" stand for?
Gross Domestic Product - a monetary measure of the market value of all the final goods and services produced in a specific time period by a country
Ryan gets paid an hourly wage of $18 an hour. This week, he worked 40 hours. What is his gross pay for the week?
$18 x 40 = $720
What is the purpose of filing a tax return?
To ensure the amount of federal taxes you have paid from your paychecks is the same as the amount you owed, not more or less.
What is the FDIC?
(What do they do and what does FDIC stand for?)
They insure peoples' deposits in banks.
(Federal Deposit Insurance Corporation)
What are dollar bills in the US made of?
Cotton and linen
Michael makes an annual salary of $52,000. He gets paid bi-weekly. What is his gross pay for each pay period?
$52,000 รท 26 pay periods = $2,000
What does FICA stand for and what two main areas do these taxes go to?
Federal Insurance Contributions Act has tax money go to Social Security and Medicare
Fill out a check for the following situation: The date is May 13th, 2026. You just bought your first car. You want to write a check for the down payment. You need to pay $2,070.72 to the Glebas Car Emporium where you bought the car.
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The largest bill ever printed in the US was worth how much money?
$100,000 in 1934 used only in transactions between Federal Reserve Banks and the U.S. Treasury
List 5 soft skills and 5 hard skills.
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Jim gets paid an hourly wage of $25 an hour. This week, he worked 45 hours. His boss pays him weekly. He gets paid time and a half for overtime hours. What is his gross pay for the week?
$25 x 40 hours = $1000
$25 x 1.5 x 5 hours = $187.50
$1,187.50
Lorelai is unmarried and has a daughter in school, Rory. Based on her W-2 form, she made $87,000 in gross income and paid $12,000 in federal income taxes for the year.
Based on the tax tables, she owed $11,406 in taxes based on her taxable income. She also gets a tax credit for her daughter, Rory.
What is her taxable income? Will they get a tax refund or have a tax bill, and for how much?
Gross Income - Tax Deductions = Taxable Income
87,000 - 13,850 = $73,150 taxable income
Taxes Owed - Tax Credits = Adjusted Taxes Owed
11,406 - 2,000 = 9,406
Taxes Withheld - Taxes Owed = Tax Refund
12,000 - 9,406 = $2,594 refund
Explain the difference between simple interest and compound interest.
Simple interest is money you earn on an initial amount of money over time. It's calculated as a percentage of the principal, and it doesn't change over time.
Compound Interest is like a snowball effect where you earn interest not only on the initial amount (principal) but also on the interest that has already been added. It grows faster over time.
What percent of the world's currency is physical money?
8%