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JAFP Unit 1 Income Quiz
Contributed by: O'Byrne
  • 1. deduction
A) amount subtracted from gross pay
B) total amount of income earned
C) Payments due to the government
  • 2. gross pay
A) Social insurance program that extends healthcare coverage to Americans over age 65
B) total amount of income earned
C) Payments due to the government
  • 3. How do you calculate gross annual income, given gross monthly income?
A) Multiply gross monthly income by 30
B) Divide Gross monthly income by 12
C) multiply gross monthly income by 12
  • 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) Social insurance program that extends healthcare coverage to Americans over age 65
C) money received on a regular basis for work or through investments
  • 6. net pay
A) total amount of income earned
B) gross pay minus deductions
C) Payments due to the government
  • 7. Social Security
A) social insurance program that provides benefits to people are retired or sick
B) amount subtracted from gross pay
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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