PFM FINAL EXAM QUESTIONS &
ANSWERS|| LATEST UPDATE 2025||
VERIFIED A+
Federal Income Tax, Social Security, and Medicare contributions - ANSWER Your take
home pay from your job is less than the total amount you earn. Which of the following
best describes what is taken out of your total pay?
If you are behind on your debt payments and go to a responsible credit counseling
service such as the Consumer Credit Counseling Services, what help can they give
you? - ANSWER they can work with those who loaned you money to set up a new
payment schedule that you can meet
Which of the following types of investment would best protect the purchasing power of a
family's savings in the event of sudden increase in inflation? - ANSWER a house
financed with a fixed rate mortgage
Courtney and Sabrina are employed by the same company and earn the same pay.
Courtney spends her free time taking work related classes to improve her computer
skills; while Sabrina spends her free time socializing with friends and working out at a
fitness center. After five years what is likely to be true? - ANSWER Courtney will make
more money because she is more valuable to her company
If you went to college and earned a 4 year degree, how much more money could you
expect to earn than if you only had a high school diploma? - ANSWER A lot more, about
70% more
Many young people receive health insurance benefits through their parents. Which of
the following statements is true about health insurance coverage? - ANSWER If your
parents become unemployed, your insurance coverage may stop, regardless of your
age.
Which of the following is true about sales tax? - ANSWER It makes things more
expensive for you to buy
Which of the following statements is true? - ANSWER banks and other lenders share
the credit history of their borrowers with each other and are likely to know of any loan
payments that you have missed
John worked his way through college earning $15,000 per year. After graduation his first
job pays $30,000. The total dollar amount John will have to pay in Federal Income taxes
in his new job will: - ANSWER double, at least, from when he was in college
ANSWERS|| LATEST UPDATE 2025||
VERIFIED A+
Federal Income Tax, Social Security, and Medicare contributions - ANSWER Your take
home pay from your job is less than the total amount you earn. Which of the following
best describes what is taken out of your total pay?
If you are behind on your debt payments and go to a responsible credit counseling
service such as the Consumer Credit Counseling Services, what help can they give
you? - ANSWER they can work with those who loaned you money to set up a new
payment schedule that you can meet
Which of the following types of investment would best protect the purchasing power of a
family's savings in the event of sudden increase in inflation? - ANSWER a house
financed with a fixed rate mortgage
Courtney and Sabrina are employed by the same company and earn the same pay.
Courtney spends her free time taking work related classes to improve her computer
skills; while Sabrina spends her free time socializing with friends and working out at a
fitness center. After five years what is likely to be true? - ANSWER Courtney will make
more money because she is more valuable to her company
If you went to college and earned a 4 year degree, how much more money could you
expect to earn than if you only had a high school diploma? - ANSWER A lot more, about
70% more
Many young people receive health insurance benefits through their parents. Which of
the following statements is true about health insurance coverage? - ANSWER If your
parents become unemployed, your insurance coverage may stop, regardless of your
age.
Which of the following is true about sales tax? - ANSWER It makes things more
expensive for you to buy
Which of the following statements is true? - ANSWER banks and other lenders share
the credit history of their borrowers with each other and are likely to know of any loan
payments that you have missed
John worked his way through college earning $15,000 per year. After graduation his first
job pays $30,000. The total dollar amount John will have to pay in Federal Income taxes
in his new job will: - ANSWER double, at least, from when he was in college
