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