FL: Vocab Quiz 1

Who's quiz are you submitting? Type the person's name below. If the answers on the quiz do not match up with the answers in wizer me, YOU will receive a 0. Be sure you are inputting THEIR answers - correct or incorrect. Match Em Up! Match the words with the appropriate answer choice from your quiz. Hourly Rate C Time a half F PIN E FICA D Commission I Deposit H Checking Account M Living Expenses G Check K Weekly A Fixed Expenses J Gross Pay P Overdraw O Piecework B Double Time N Semimonthly L 1. Balance An amount of money put into a bank account items you spend money on the amount of money in your account a record of monthly expenditures 2. The total amount of money earned for a pay period at the regular hourly rate. Federal Income Tax Straight-Time Pay Weekly Time Card Bank Statement 3. The amount of money you actually receive in your paycheck after deductions, also called take-home pay. Overdraw Net Pay Balance Gross Pay 4. Extra money set aside to be used for unpredictable expenses, such as medical bills vehicle repairs. bank statement tax withheld federal income tax emergency fund 5. Interest Paycheck is divided into 1 payment an amount of money put into a bank account money earned by the account paycheck is divided into 26 equal payments 6. used to pay for public services, road improvements, schools, emergency services, construction, etc. overtime pay federal income tax IRS state income tax 7. Items you spend money on interest expenses balance deposit 8. Annually paycheck is divided into 1 payment money earned by the account paycheck is divided into 12 equal payments paycheck is divided into 2 equal payments 9. Social Security A fixed amount of money earned on a regular basis, received weekly, biweekly, etc. a federal government program to provide medical insurance for those 65 or older, financed by taxes. A tax of 1.45% is deducted from your earnings and your employer must match the amount you contribute. a federal government program to pay for retirement and disability benefits, financed by taxes. A tax of 6.2% is deducted from the first $118,500 of your income and your employer must match the contribution. a monetary account, which allows the account holder to write checks for the money which has been deposited into the account. 10. government organization that controls the FIT and provides employers with information about how much money to withhold PIN State income tax Group Health Insurance IRS 11. Expenses which occur once a year, such as insurance premiums and real estate taxes weekly time card federal income tax annual expenses fixed expenses 12. paycheck is divided into 26 equal payments weekly biweekly monthly annually 13. Group Health Insurance Extra money set aside to be used for unpredictable expenses, such as medical bills and vehicle repairs insurance offered by many businesses to employees, paid in part by the business and in part by deductions from employee's paychecks government organization that controls the FIT and provides employers with information about how much money to withhold amount of money taken from your paycheck and put towards FIT, FICA, Social Security, Medicare, and State Income Taxes 14. Weekly Time Card a record of the time you report for work and the time you depart each day of the week regular expenses that do not vary from month to month, such as rent and car payments list of all transactions the bank has cleared expenses which occur once a year, such as insurance premiums and real estate taxes 15. Medicare a federal government program to pay for retirement and disability benefits, financed by taxes. A tax of 6.2% is deducted from the employee and the employer must match your contribution. amount of money taken from your paycheck and put towards FIT, FICA, Social Security, Medicare, and State Income Taxes. a fixed amount of money earned on a regular basis, received weekly, biweekly, etc. a federal government program to provide a medical sinurance for those 65 or older, financed by taxes. A tax of 1.45% is deducted from the employee and the employer must match your contribution. Sort It Out! True Commission Rate is a specified amount of money paid to an employee for each sale made or a % of a total value of sale made. A bank machine that allows you to deposit or withdraw money electronically using a card is an ATM. A bank statement is a list of all the transactions the bank has cleared. Straight commission is the pay that consists only of money earned on sales. NSF is when a bank will not pay for a check, which was written because it will overdraw the account. A service charge is a fee to maintain the checking account. An account number identifies a specific checking or savings account. A routing number is a bank identification number used to identify the bank which issued the checking or savings account. Overtime pay is extra pay for hours worked beyond regular hours. Salary is a fixed amount of money earned on a regular basis; received weekly, biweekly, semimonthly, or monthly. An amount of money paid to an employee for selling product or service. False A monthly paycheck is divided into 1 payment. A budget sheet is a record of the time you report for work and the time you depart each day of the week. Federal Income Tax is the total amount of money earned for a pay period at the regular hourly rate. Tax withheld is an amount of money paid to an employee for selling a product or service. Semiannually is a paycheck that is divided into 24 equal payments.