PFM: Final Review UPDATED Exam Questions and CORRECT Answers
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PFM: Final Review UPDATED Exam
Questions and CORRECT Answers
Paycheck - Correct Answer- A check given to an employee for earned income.
Paystub - Correct Answer- A document that comes with your paycheck, showing how much
you were paid and how much was withheld for taxes.
Net Pay (Take-Home) ...
PFM: Final Review UPDATED Exam
Questions and CORRECT Answers
Paycheck - Correct Answer- A check given to an employee for earned income.
Paystub - Correct Answer- A document that comes with your paycheck, showing how much
you were paid and how much was withheld for taxes.
Net Pay (Take-Home) - Correct Answer- Amount of income left after taxes and deductions
have been taken out.
Gross Pay - Correct Answer- Amount of salary or wages earned for a certain period of time
before deductions are withheld.
Pay Period - Correct Answer- The length of time for which an employee's wages are
calculated for that specific paycheck
FICA - Correct Answer- Federal Insurance Contributions Act - this tax includes Social
Security & Medicare & your employer will match your contributions
Year to Date - Correct Answer- Shows deductions taken & income made from January 1st to
the end ofterm-0 that paycheck.
Federal Withholding Tax - Correct Answer- The federal government requires this tax to be
withheld
State Withholding Tax - Correct Answer- This deduction is for assisting state & government
agencies
W-4 - Correct Answer- A federal tax form filled out by an employee to indicate the amount
that should be withheld from his/her paycheck for taxes.
, W-2 - Correct Answer- A statement of an individual's annual wages and taxes provided by an
employer that must be included with the employee's federal, state, and city income tax
returns.
Social Security - Correct Answer- federal program of disability and retirement benefits that
covers most working people
Checking Account - Correct Answer- This money management tool makes it convenient to
pay bills, receive direct deposits, & easily access funds
Check - Correct Answer- A document that functions like cash
ATM - Correct Answer- Automated Teller Machine - a machine that allows you to withdraw
cash or make deposits, also need a PIN to access this
PIN - Correct Answer- Personal Identification Number - debit cards & ATMS require this to
access the account
Debit Card - Correct Answer- A bank card that automatically deducts the amount of a
purchase from the checking account of the cardholder
Deposit Slip - Correct Answer- This is where you record money that you are going to put into
your checking account
Check Register - Correct Answer- All transactions including deposits, checks, debit card
purchases, additional fees, and ATM use should be recorded here immediately after
completion.
Reconcile - Correct Answer- When you compare your check register to your bank statement
Restrictive Endorsement - Correct Answer- An endorsement found on the back of a check
restricting further transfer of a check's ownership
Diversified Portfolio - Correct Answer- A portfolio that includes a variety of securities so that
the weight of any security is small. (decrease your risk)
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