Everfi - Financial Literacy Questions and
Answers 100% Pass
W-4 ✔✔Tells your employer how much federal income tax to withhold from your paychecks to
send to the IRS
Benefits available from your employer ✔✔Healthcare, paid time off, disability insurance, and
matching contributions to a retirement account
Gig Economy ✔✔A flexible market that allows you to work short-term, independent jobs
Possible tax or deduction which may show up on your paycheck ✔✔Federal income tax,
Contributions to retirement savings, FICA
What do you need in order to fill out your 1040 ✔✔W-2, Your routing and bank number, A
record of any other supplemental income
There is no relationship between the level of education received and lifetime earnings (T/F)
✔✔False
, W-2 ✔✔A document your employer sends you that tells you how much you've made and how
much you've paid in taxes in the last year
When considering a job offer, you should only consider how much you're being paid before you
accept the offer. (T/F) ✔✔False
Net Pay ✔✔The amount of money you're paid, after all taxes and deductions are taken out of
your paycheck is
Good ways to track your budget ✔✔Notebook and pencil, Online software app, Envelope
method
In your budgeting process, you look at recurring expenses before reviewing your wants (T/F)
✔✔True
Things to consider when creating a budget ✔✔Charitable donations, entertainment expenses, and
financial goals
Answers 100% Pass
W-4 ✔✔Tells your employer how much federal income tax to withhold from your paychecks to
send to the IRS
Benefits available from your employer ✔✔Healthcare, paid time off, disability insurance, and
matching contributions to a retirement account
Gig Economy ✔✔A flexible market that allows you to work short-term, independent jobs
Possible tax or deduction which may show up on your paycheck ✔✔Federal income tax,
Contributions to retirement savings, FICA
What do you need in order to fill out your 1040 ✔✔W-2, Your routing and bank number, A
record of any other supplemental income
There is no relationship between the level of education received and lifetime earnings (T/F)
✔✔False
, W-2 ✔✔A document your employer sends you that tells you how much you've made and how
much you've paid in taxes in the last year
When considering a job offer, you should only consider how much you're being paid before you
accept the offer. (T/F) ✔✔False
Net Pay ✔✔The amount of money you're paid, after all taxes and deductions are taken out of
your paycheck is
Good ways to track your budget ✔✔Notebook and pencil, Online software app, Envelope
method
In your budgeting process, you look at recurring expenses before reviewing your wants (T/F)
✔✔True
Things to consider when creating a budget ✔✔Charitable donations, entertainment expenses, and
financial goals
