Missouri Personal Finance Test (MoPFA) Study Guide Solutions
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Course
Missouri 2024/2025
Institution
Missouri 2024/2025
Missouri Personal Finance Test (MoPFA)
Study Guide Solutions
Income - Ans:-Earnings received as wages, rent, profit, or interest
Wages - Ans:-Payment for work
Salary - Ans:-Payment for work usually calculated in periods of a week or longer, tied to specific
duties
Discretionary income - Ans:-...
Income tax - Ans:✔✔-Tax on the total income of an individual
Social Security Tax - Ans:✔✔-Tax deducted from employee paychecks and paid by employers
- Pays for a program that provides retirement and disability for US citizens who have paid into the system
FICA (Federal Insurance Contrebutions Act) - Ans:✔✔-Employee and employer each contribute income
for Social Security and Medicare every year
Budget - Ans:✔✔-Plan for managing income and expenses
Net Pay - Ans:✔✔-Take-Home Pay, the remaining pay after deductions have been subtracted
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