Quiz about Personal Financial Literacy

Question 1

Money you receive after taxes is called:

Accepted Answer

net income

Answer

gross income

Answer

salary

Answer

pay day

Question 2

Money you receive before taxes is called:

Accepted Answer

gross income

Answer

net income

Answer

pay day

Answer

bank loan

Question 3

When you own a house, what type of tax do you pay on it?

Accepted Answer

property tax

Answer

income tax

Answer

sales tax

Answer

payroll tax

Question 4

What type of tax do you pay for Cheetos and soda?

Accepted Answer

sales tax

Answer

income tax

Answer

property tax

Answer

payroll tax

Question 5

Which type of tax is taken directly out of your paycheck?

Accepted Answer

payroll tax

Answer

income tax

Answer

paycheck tax

Answer

sales tax

Question 6

Which type of tax do you pay once a year through the IRS on any money you've earned (job, lottery, etc)?

Accepted Answer

income tax

Answer

payroll tax

Answer

sales tax

Answer

property tax

Question 7

Which of the following is considered a "need" vs. a "want" when budgeting?

Accepted Answer

money to pay for your house

Answer

money for eating out

Answer

money for going to the movies

Answer

money for your dog's toys

Question 8

What is a machine that allows bank customers to deposit or withdraw money without visiting their bank?

Accepted Answer

ATM (automated teller machine)

Answer

credit card

Answer

safe deposit box

Answer

coffee can under your bed

Question 9

What is the current amount of money in your bank account called?

Accepted Answer

balance

Answer

debt

Answer

withdrawl

Answer

payment

Question 10

What is a company that sells goods or services?

Accepted Answer

business

Answer

bank

Answer

economy

Answer

credit union

Question 11

What is a system that guides how money is earned and used in a society?

Accepted Answer

economy

Answer

transaction

Answer

financial institution

Answer

bank

Question 12

What is money borrowed that must be repaid, usually with interest?

Accepted Answer

loan

Answer

check

Answer

checking account

Answer

savings account

Question 13

Credit cards, when used responsibly, can provide benefits for its consumers. Which statement below describes a benefit for a consumer using a credit card?

Accepted Answer

Using a credit card responsibly and paying the balance off each month can help improve your credit score.

Answer

A credit card company will allow you to buy now and pay back your debt when you are ready.

Answer

A credit card doesn't cost you any more money than using a debit card as long as you make regular payments.

Answer

People that use credit cards become wealthy more quickly.

Question 14

There are various methods in which to pay for your purchases. Paul used a type of card to pay for his purchase that withdraws money immediately from his checking account. What is this type of payment card called?

Accepted Answer

debit card

Answer

credit card

Answer

401 card

Answer

savings plus card

Question 15

Which statement below accurately describes the similarities between credit cards and debit cards?

Accepted Answer

Debit cards and credit cards are accepted at most places and are safer and easier to pay with than cash.

Answer

Debit cards and credit cards incur monthly finance fees on unpaid balances.

Answer

Debit cards and credit cards allow you to buy now and pay later.

Answer

Debit cards and credit cards require a PIN number.

Question 16

What is a bank account where you can withdraw money by writing checks or using a debit card?

Accepted Answer

Checking Account

Answer

Deposit

Answer

Grant

Answer

Credit Score

Question 17

What is it called when you put money into an account?

Accepted Answer

Deposit

Answer

Withdrawal

Answer

Balance

Answer

Grant

Question 18

What does WITHDRAWAL mean?

Accepted Answer

money taken out of an account?

Answer

put money into an account

Answer

a way to pay for college

Answer

a Bank Account.

Question 19

To _____________ means to look at your monthly statement and make sure the deposits and withdrawals are accurate.

Accepted Answer

Balance Your Checkbook

Answer

Credit History

Answer

Work Study Programs

Answer

Make a Deposit

Question 20

Jose had money deducted from his weekly paycheck for federal withholding.  This type of deduction represents ________________ tax.

Accepted Answer

Payroll Tax

Answer

Sales Tax

Answer

Income Tax

Answer

Property Tax

Question 21

Jose purchased a shirt for $20. His total bill was $21.65. The difference between the cost of the shirt and the total bill represents ______________ tax.

Accepted Answer

Sales Tax

Answer

Payroll Tax

Answer

Income Tax

Answer

Property Tax

Question 22

Gross income is income that remains after taxes and other deductions are taken from the net income.

Accepted Answer

False

Answer

True

Question 23

The net income of a paycheck is greater than the gross income.

Accepted Answer

False

Answer

True

Question 24

Medicare and Social Security taxes are types of payroll taxes.

Accepted Answer

True

Answer

False

Question 25

An expense is money that is received.

Accepted Answer

False

Answer

True

Question 26

Jose bought laundry detergent for his mother.  The detergent was $3.99, but the clerk told him his total was $4.32.  The difference represents _________________ tax.

Accepted Answer

Sales Tax

Answer

Payroll Tax

Answer

Income Tax

Answer

Property Tax

Question 27

Sally was paid $3,250 by her employer this month.  When she received her paycheck, it was only $2,765. Is this because of net income or gross income?

Accepted Answer

Net Income

Answer

Gross Income

Question 28

An amount paid by way of reduction, return, or refund on what has already been paid or contributed.

Accepted Answer

Rebate

Answer

Markdown

Answer

Coupon

Answer

Assets

Question 29

An estimate of income and spending for a set period of time, usually by month or year.

Accepted Answer

Budget

Answer

Markdown

Answer

Income Tax

Answer

Sales Tax

Question 30

What type of tax do you pay for Cheetos and soda?

Accepted Answer

sales tax

Answer

income tax

Answer

property tax

Answer

payroll tax

Question 31

When you own a house, what type of tax do you pay on it?

Accepted Answer

property tax

Answer

income tax

Answer

sales tax

Answer

payroll tax

Question 32

Money you receive before taxes is called:

Accepted Answer

gross income

Answer

net income

Answer

pay day

Answer

bank loan

Question 33

Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying?

Accepted Answer

Income Tax

Answer

Sales Tax

Answer

Property Tax

Answer

Payroll Tac

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics