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Unit 1 Trivia – Understanding Pay and Benefits

Unit 1 Trivia – Understanding Pay and Benefits. Collect into groups of 2-3 students and create a team name related to Small Business. . Instructions. Each team will receive several small pieces of paper; write your name on each paper There will be 3 rounds of questions

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Unit 1 Trivia – Understanding Pay and Benefits

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  1. Unit 1Trivia – Understanding Pay and Benefits Collect into groups of 2-3 students and create a team name related to Small Business.

  2. Instructions • Each team will receive several small pieces of paper; write your name on each paper • There will be 3 rounds of questions • First round is 4 questions. • Each question can be worth 1, 3, 5, or 7 pts • You cannot use a point value more than once • Write your answer & point value to each question on a paper and hand it in • Second round is 4 questions • Each question can be worth 2, 4, 6 or 8 pts • You cannot use a point value more than once • Write your answer & point value to each question on a paper and hand it in • Third round is one question and you BET YOUR POINTS

  3. Round 1 You have to assign each of your answers a point value of 1, 3, 5 or 7 points

  4. Question 1: This is the gov’t agency that looks at if people paid their fair share of taxes

  5. Question 2: This is a form of income based on the amount of sales one has in a given time period. (Usually a percentage of total sales)

  6. Question 3: The greatest tax that is taken out of your paycheck by the federal government.

  7. Question 4: This is short for Social Security (4 Letters). It is taken out of your pay

  8. Round 2 Point values are worth 2, 4,6 and 8

  9. Question 5: This is a deduction taken out of your pay that helps pay for medical expenses for the elderly

  10. Question 6: This is income after all deductions are taken out of one’s paycheck.

  11. Question 7: In our country, Federal Income tax goes up as you earn more money. What type of tax is this called?

  12. Question 8: James makes $10 per hour and worked 50 hrs a week. What is his gross pay?

  13. Final Round!! Each team should know their total score. On the final question, you must bet the amount of points you want to wager.

  14. Final Question: Please wager your points that you want to bet. Jamie makes $36,000 per year. She contributes $1,000 to her 401 (k) What is her net income after federal taxes?

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