FHCE 3200 Quizzes UPDATED ACTUAL
Exam Questions and CORECT Answers
What should you do to accumulate wealth?
A. Keep your money working for you as long as possible.
B. Accumulate a surplus
C. Begin saving the surplus or a portion of the surplus as early as possible
D. All of the above - CORRECT ANSWER D. All of the above
Mia worked 45 hours this week. Her base pay is $15 per hour. She earns overtime pay for any
work over 40 hours. What is Mia's gross pay this week?
A. $845.50
B. $712.50
C. $600.50
D. $480.50 - CORRECT ANSWER B. $712.50
which of the following describes all sources of money obtained by individuals or households?
A. Commission
B. Income
C. Bonus
D. Wage - CORRECT ANSWER B. Income
Which of the following refers to your income before any taxes are other expenses are deducted
from your paycheck?
A. Annual income
B. Salary
, C. Gross income
D. Net pay - CORRECT ANSWER C. Gross income
What is the recommended savings rate for individuals under the age of 30?
A. 10%
B. 20%
C. 15%
D. 12% - CORRECT ANSWER D. 12%
T/F: A payroll advance is a process by which an employer automatically takes money from your
paycheck and contribute to a retirement plan or savings account. - CORRECT
ANSWER False
The financial strategy that encourages individuals to commit to putting half of every future raise
towards savings is called __________?
A. Live More Tomorrow
B. Keep More Tomorrow
C. Save More Tomorrow
D. Give More Tomorrow - CORRECT ANSWER C. Save More Tomorrow
Which of the following does not represent a form of earned income?
A. Wage
B. Social Security
C. Commission
D. Salary - CORRECT ANSWER B. Social Security
Exam Questions and CORECT Answers
What should you do to accumulate wealth?
A. Keep your money working for you as long as possible.
B. Accumulate a surplus
C. Begin saving the surplus or a portion of the surplus as early as possible
D. All of the above - CORRECT ANSWER D. All of the above
Mia worked 45 hours this week. Her base pay is $15 per hour. She earns overtime pay for any
work over 40 hours. What is Mia's gross pay this week?
A. $845.50
B. $712.50
C. $600.50
D. $480.50 - CORRECT ANSWER B. $712.50
which of the following describes all sources of money obtained by individuals or households?
A. Commission
B. Income
C. Bonus
D. Wage - CORRECT ANSWER B. Income
Which of the following refers to your income before any taxes are other expenses are deducted
from your paycheck?
A. Annual income
B. Salary
, C. Gross income
D. Net pay - CORRECT ANSWER C. Gross income
What is the recommended savings rate for individuals under the age of 30?
A. 10%
B. 20%
C. 15%
D. 12% - CORRECT ANSWER D. 12%
T/F: A payroll advance is a process by which an employer automatically takes money from your
paycheck and contribute to a retirement plan or savings account. - CORRECT
ANSWER False
The financial strategy that encourages individuals to commit to putting half of every future raise
towards savings is called __________?
A. Live More Tomorrow
B. Keep More Tomorrow
C. Save More Tomorrow
D. Give More Tomorrow - CORRECT ANSWER C. Save More Tomorrow
Which of the following does not represent a form of earned income?
A. Wage
B. Social Security
C. Commission
D. Salary - CORRECT ANSWER B. Social Security
