Financial Literacy

What do we call the amount left over from your paycheck after taxes and deductions?

• Balance

• Gross salary

• Transaction

• Net salary

What do we call a fee that is collected for borrowing money from the bank?

• Deposit

• Interest

• Loan

• Check

The salary before taxes and deductions is...

• Net

• Gross

Money paid to the government is...

• Budget

• Fees

• Taxes

• Food stamps

Payments that you DO have control over are:

• Deductions

• Taxes

• Expenses

• Costs

Money taken AUTOMATICALLY out of your paycheck (which you DO NOT have control over) is...

• Gross salary

• Net salary

• Deduction

• Expense

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

• $840

• $40

• $98

• $4

Which of the following is a realistic INTEREST RATE for a mortgage?

• 45%

• 35%

• 20%

• 6%

Which of the following would be a reasonable DOWN PAYMENT for a car that costs $20,000?

• $2

• $200

• $2,000

• $15,000

An INTEREST RATE is always written as a...

• Decimal (0.25)

• Percent (25%)

• Dollar amount ($25)

• Number (25)