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Income Management Practice QuestionsThe total amount of income that a person receives from all sources is called:a)gross incomeb)incomec)disposable incomed)discretionary incomee)outstanding incomeThe income that is left after deductions is called take-home pay orgross incomeincomedisposable incomediscretionary incomeoutstanding incomeThe process that you can use to organize and control your financial resources while deciding in advance how your money will work for you is called:a)bankingb)savingc)goal settingd)budgetinge)reconcilingYou need to purchase milk for your family. At which of the following locations is it usually the most expensive?a)discount storeb)supermarketc)convenience stored)warehouse clube)big-box storeWhen preparing a budget, it is important to estimate the expenses so that they can be matched with the projected income. The expense that stays the same over and over is called a:a)floating expense.b)fixed expense.c)variable expense.d)long-term expense.e)fluctuating expense.Every pay period, employers withhold a percentage of earnings for employees and this withholding is then forwarded to the federal government. The withholding is made up of:a)CPP, EI and RRSP.b)CPP, EI and gross salary.c)CPP, EI and Federal and Provincial Tax.d)OAS, Federal and Provincial Tax.e)CPP, EI and Taxable Benefits.If you have 96 nickels and you create as many rolls of coins as you are able. What is the total value of the remaining unrolled coins?a)75 centsb)70 centsc)80 centsd)85 centse)90 centsConsider a typical pay stub. Which formula is correct?Rate x Hours = Net PayGross Pay – Hours Worked = Net PayRate x Hours = Gross PayRate x Hours = DeductionsNet Pay – Deductions = Gross PayA mandatory deduction off of your paycheque once you are 18 or older is….The maternity benefit deductionEmployment Insurancethe Canadian Certified Pensionboth A and CNone of the aboveA budget is comprised of the followingCosts of livingYour investmentsIncome and expensesHow much you want to saveNone of the aboveWhich of the following would be considered a non-profit organization?Tim HortonsShoppers Drug MartCanadian TireHabitat for HumanityToyotaThe top profession to accumulate a net worth of at least $25 million is?Medical ProfessionalCorporate ExecutiveBusiness ManagerInvestorEntrepreneurWhat two factors are most important when purchasing a good or service?A willingness to buy and the ability to purchase The price of the item and the way it was transported The packaging of the item and the price An expired credit card and a willingness to buy No willingness to buy and a credit card ready to use The Financial Literacy Competition Practice Questions are the sole and exclusive property of the School of Accounting and Finance (SAF) at the University of Waterloo. Access to these questions are granted exclusively to teachers who have registered for the Financial Literacy Competition and are to be used to enhance teaching in the classroom. Registered FLC teachers can make sufficient copies of the Practice Questions for their students, but copying is limited to students within the academic year. ................
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