Understanding Personal Finance Basics

Understanding Personal Finance Basics

Assessment

Flashcard

History

11th Grade

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What does the financial strategy "Pay yourself first" mean?

Back

Saving a portion of your income before spending on anything else

2.

FLASHCARD QUESTION

Front

Which category typically takes up the largest percentage of a household budget? Options: Transportation, Entertainment, Housing, Groceries

Back

Housing

3.

FLASHCARD QUESTION

Front

What is one benefit of having a high credit score?

Back

Easier approval for loans and credit cards

4.

FLASHCARD QUESTION

Front

What is property tax?

Back

A tax on the value of owned property.

5.

FLASHCARD QUESTION

Front

What is the purpose of the IRS Form 1040?

Back

To file an individual income tax return

6.

FLASHCARD QUESTION

Front

What information does a W2 form provide?

Back

Wages and tax withheld by an employer

7.

FLASHCARD QUESTION

Front

What is a 1099 form used for?

Back

Reporting income from self-employment or other sources

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