Quiz about Financial Literacy

Question 1

money earned or received

Accepted Answer

Income

Answer

Expenses

Answer

Deductions

Answer

Check

Question 2

the total amount of personal income before taxes and deductions

Accepted Answer

Gross Income

Answer

Net Income

Question 3

Tax the boss takes out of your check for social security and medicare

Accepted Answer

Payroll tax

Answer

Property Tax

Answer

Income Tax

Answer

Sales Tax

Question 4

Tax on the value of a house, building or land

Accepted Answer

Property tax

Answer

Sales Tax

Answer

Income Tax

Question 5

Money paid to the government

Accepted Answer

Taxes

Answer

Budget

Answer

Fees

Answer

Food stamps

Question 6

Tax on something you buy

Accepted Answer

Sales Tax

Answer

Property tax

Answer

income tax

Answer

payroll tax

Question 7

Tax on money from a job, paid once a year on April 15 to the IRS

Accepted Answer

Income Tax

Answer

Payroll tax

Answer

Coupons

Answer

Sales Tax

Question 8

the income that remains after taxes and other deductions

Accepted Answer

Net Income

Answer

Gross income

Question 9

a written document telling the financial institution to pay someone

Accepted Answer

Check

Answer

Cash

Answer

Card

Answer

Debit

Question 10

a card that can be used to borrow money from financial institutions,

Accepted Answer

credit card

Answer

debit card

Answer

check card

Answer

cash card

Question 11

when your expenses and Income are equal

Accepted Answer

balanced budget

Answer

net income

Answer

gross income

Answer

great

Question 12

payment for goods and services, what you spend

Accepted Answer

expenses

Answer

Income

Answer

taxes

Answer

credit card

Question 13

Money taken out your income

Accepted Answer

deductions

Answer

gross

Answer

net

Answer

expenses

Question 14

Tom's net income was $400.  His gross income was $440.  How much was taken out for deductions?

Accepted Answer

$40

Answer

$840

Answer

$98

Answer

$4

Question 15

Jill earned $220 gross income last month.  She had to pay $13 for payroll tax and $27 for income tax.  How much was Jill's net income?

Accepted Answer

$180

Answer

$260

Answer

$193

Answer

$40

Question 16

Bob's net income last month was $985.  He paid $75 in payroll taxes and $25 on income taxes. What was Bob's gross income?

Accepted Answer

$1085

Answer

$885

Answer

$900

Answer

$910

Question 17

Mrs. Allen took home $1,245 after taxes. What is this considered?

Accepted Answer

net income

Answer

gross income

Answer

deposits

Answer

income tax

Question 18

Before taxes and deductions, Mrs. Allen's pay was $1,600. This is considered her -

Accepted Answer

gross income

Answer

net income

Answer

deposits

Answer

income tax

Question 19

Mrs. Allen paid $3,678 every year as a tax on her house. This is considered a -

Accepted Answer

property tax

Answer

sales tax

Answer

income tax

Answer

home tax

Question 20

Mrs. Fanning bought a science kit at the store for $10. At the register, she was charged $10.85. The different between the price and what Mrs. Fanning paid is considered -

Accepted Answer

sales tax

Answer

income tax

Answer

credit

Answer

property tax

Question 21

Mrs. Fanning wanted to buy a new refrigerator. A store would give her the money to buy the refrigerator, but she would need to pay the money back. This is called a -

Accepted Answer

credit

Answer

deposit

Answer

withdrawal

Answer

debit

Question 22

Ms. Calandra was going on a vacation. She took some money out of her account to pay for her trip. She made a _______________ from her bank account.

Accepted Answer

withdrawal

Answer

deposit

Answer

debit

Answer

deduction

Question 23

Before Mrs. Allen received her paycheck fees were taken from her check for medicare, insurance, and social security. These are ___________________ from her paycheck.

Accepted Answer

deductions

Answer

taxes

Answer

withdrawals

Answer

debits

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