JAFP Unit 1 Income Quiz
  • 1. deduction
A) total amount of income earned
B) amount subtracted from gross pay
C) Payments due to the government
  • 2. gross pay
A) Payments due to the government
B) total amount of income earned
C) Social insurance program that extends healthcare coverage to Americans over age 65
  • 3. How do you calculate gross annual income, given gross monthly income?
A) multiply gross monthly income by 12
B) Divide Gross monthly income by 12
C) Multiply gross monthly income by 30
  • 4. Income
A) gross pay minus deductions
B) gross pay minus deductions
C) money received on a regular basis for work or through investments
  • 5. Medicare
A) total amount of income earned
B) money received on a regular basis for work or through investments
C) Social insurance program that extends healthcare coverage to Americans over age 65
  • 6. net pay
A) gross pay minus deductions
B) total amount of income earned
C) Payments due to the government
  • 7. Social Security
A) amount subtracted from gross pay
B) social insurance program that provides benefits to people are retired or sick
C) Social insurance program that extends healthcare coverage to Americans over age 65
  • 8. taxes
A) social insurance program that provides benefits to people are retired or sick
B) Social insurance program that extends healthcare coverage to Americans over age 65
C) payment due the government
  • 9. Which formula is correct for gross pay?
A) Rate/hours
B) (rate)(hours)
C) gross-deductions
  • 10. Which formula is correct for net pay?
A) rate/hour
B) (rate)(hours)
C) gross-deductions
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