Financial Literacy

Usually, the more education you receive the more money you can potentially earn.

• True

• False

What is the difference between gross pay and net pay?

• Gross is money you have left after taxes

• Net is money you have left after taxes

What type of taxes are taken out of your pay if you live in Texas?

• Federal Income tax

• FICA

• State Income tax

• All of the above

• A & B

What is the estimated % of taxes taken out of your pay?

• 10%

• 15%

• 20%

• 25%

What deductions could be taken out of your pay check?

• Health insurance premiums

• Life insurance premiums

• Retirement plan premiums

• Garnishments

• All of the above

In what order should you use your money?

• Save it, spend it, invest it, give it away

• Save it, invest it, spend it, give it away

• Spend it, save it, invest it, give it away

• Give it away, save it, invest it, spend it

What is the difference between a want and a need?

• A want is something necessary to live

• A need is something necessary to live

What is the best advice if you are going to use credit cards?

• Pay off the entire balance every month

• Get as many as you can

• Pay only the minimum balance each month

• Get a card with a high interest rate

How is your credit score calculated?

• payment history

• Amount & type of debt

• Length of credit history

• All of the above

Who needs a budget?

• People who make lots of money

• People who don't make very much money

• Everyone who makes money