Managing Life Skills ©2011

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Practice Quizzes - Section 1

1
What is the total amount of pay you earn called?
A)Interest
B)Gross pay
C)Net pay
D)Deduction
2
Which of the following is not a method for calculating your earnings?
A)Piecework
B)Salary
C)Commission
D)They are all methods for calculating earnings
3
Which of the following cannot be deducted from your paycheck?
A)Political contributions
B)Federal taxes
C)Social Security
D)Medicare
4
What is interest?
A)The total amount of money you earn
B)A fee the bank pays you for using your money
C)The amount you actually receive as pay
D)Anything subtracted from your gross pay
5
What is a 401(k) plan?
A)A form that shows your total earnings for the previous year
B)A savings plan for medical expenses of people age 65 or older
C)A retirement plan offered by many companies
D)A benefit offered by the government
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