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?
commission

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