PFM Final Exam Review UPDATED Exam Questions and CORRECT Answers
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Course
PFM
Institution
PFM
PFM Final Exam Review UPDATED Exam
Questions and CORRECT Answers
benefits - Correct Answer- company provided supplements to your salary (sick pay, vacation
time, and health insurance)
types of degrees - Correct Answer- associate (2 years), bachelors (4 years), doctorate/
PhD/masters (1-6 ye...
values - Correct Answer- the ideas in life that are important to you
experience - Correct Answer- the knowledge and skills acquired from working in a career
field.
social security benefits - Correct Answer- income your receive when you are retired to
financially aid you.
w2 - Correct Answer- a form of the summarry of the income you earned during the year, and
all the amounts of money the employer withheld for taxes.
labor unions - Correct Answer- a group of people who work in the same or similar
occupations, organized for the benefit of all employees in these occupations. Members pay a
membership fee with the benefits.
seniority - Correct Answer- a policy where the longer you work for an employer, the more
your job is secure.
flex time - Correct Answer- the employees choice when it comes to their work schedule.
gross pay - Correct Answer- the amount of money you earn BEFORE deductions are
subtracted
, net pay - Correct Answer- "take home pay" the amount of money you earn when all
deductions are taken out of your gross pay. Gross pay-deductions= ______
income taxes - Correct Answer- tax levied by a government directly on income, especially an
annual tax on personal income
dependent - Correct Answer- a person who lives with you and whom you pay half of their
living expenses
filing income taxes - Correct Answer- any person who earned enough income (currently over
$8,750) must file taxes before April 15th. When filing for taxes, it is based on your marital
status.
audit - Correct Answer- an examination of tax returns called by the irs. the three types of
audits are office, field, and correspondence.
salary - Correct Answer- the amount of monthly or annual pay you earn for your labor
networks - Correct Answer- groups of informal people with common interests who interact
for mutual assistance
job shadowing - Correct Answer- spending a morning or afternoon with a worker type of job
work history - Correct Answer- a record of the jobs you have held and how long you stayed
with each employer
references - Correct Answer- people who have known you for atleast a year and can provide
info about your skills, character, and achievements.
preparing a budget - Correct Answer- you must create a balanced spending and saving plan
based on your expected income and expenses. expenses+savings=earnings+borrowings. You
focus on your disposable income when doing this.
assets - Correct Answer- items of value that a person owns. ex: checking accounts, savings
account, cash, jewelry/valuables, car that is paid off, and a house that is paid off.
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