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Quiz Show Financial Literacy Chapter 2 Quiz Review

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Presentation on theme: "Quiz Show Financial Literacy Chapter 2 Quiz Review"— Presentation transcript:

1 Quiz Show Financial Literacy Chapter 2 Quiz Review

2 Taxes and other deductions are items subtracted from a worker’s gross pay to calculate net pay…

3 Vacation days, holidays and sick leave are examples of “pay without work” benefits…

4 The more you pay in tax deductions, the higher your disposable income (or take home pay)

5 Owning a small business involves hard work but very little risk…

6 Everyone who earns any money must file a tax return…

7 A lifestyle self-employment business is one where the owner pursues a business in his own hobbies and intends to keep the business small…

8 If you do not work in a given year, you cannot use the public goods and services provided by our tax dollars…

9 What do we call a percentage of a sale paid to a salesperson based on how much they sell?

10 What insurance will provide an employee with unearned income payments to replace income lost when illness, pregnancy or injury (not job related) prevents one from working? disability insurance

11 Match up the following words and definitions
benefits the lowest pay rate allowed by law entrepreneur amount of paycheck after deductions net pay forms of pay other than salary or wages a person who takes the risks Of being self-employed sick leave minimum wage paid time away from work due to illness

12 Which of the following payroll deductions is optional or voluntary?
retirement contribution federal income tax state income tax medicare tax social security tax

13 Which of the following payroll deductions is required by law?
health/medical insurance savings plan federal income tax group life insurance charitable donation

14 Which of the following is NOT a benefit often received by full-time workers
perks health/medical insurance pay without work (vacation, holiday) sick/maternity leave lunch money

15 Social security tax is….
a system set up for government paid retirement income a fixed 6.2% percent deduction from your income meant for distribution to workers who have retired from working required by law for your employer to withhold as a deduction all of the above

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