Quiz about Financial Literacy Vocabulary

Question 1

What percent of an employee's gross pay is deducted for Medicare tax?

Accepted Answer

1.45%

Answer

6.2%

Answer

8.25%

Answer

10%

Question 2

________ is the amount of money that remains (to take home) after all deductions are taken from gross pay.

Accepted Answer

net pay

Answer

gross pay

Answer

sales tax

Answer

federal withholding

Question 3

________ is a percent of the cost of an item, which is charged by the city, local, and state governments to raise money.

Accepted Answer

sales tax

Answer

Medicare tax

Answer

Social Security tax

Answer

compound interest

Question 4

__________________ I = Prt

a fixed percent of the principal invested.

Accepted Answer

simple interest

Answer

compound interest

Answer

unit price

Answer

net worth

Question 5

______________ A = P(1+r)^t

a fixed percent of the principal invested.

Accepted Answer

compound interest

Answer

rebate

Answer

sales tax

Answer

simple interest

Question 6

What percent of an employee's gross pay is deducted for Social Security tax?

Accepted Answer

6.2%

Answer

1.45%

Answer

8.25%

Answer

10%

Question 7

When finding the best deal on a purchase, if you divide the price and number of units, you are calculating the ________________

Accepted Answer

unit price

Answer

paycheck deductions

Answer

expenses

Answer

sales tax

Question 8

_____________ is the percent charged for borrowing money OR the amount earned by investing money.

Accepted Answer

interest rate

Answer

unit price

Answer

Social Security tax

Answer

principal

Question 9

________ is the amount of money borrowed, saved, or invested

Accepted Answer

principal

Answer

income

Answer

federal withholding

Answer

assets

Question 10

_________ is a refund from the manufacturer of an item, usually mailed to you after purchase.

Accepted Answer

rebate

Answer

budget

Answer

expenses

Answer

sales tax

Question 11

____________ are the items you spend your money on. Can be categorized as 'fixed' and 'variable'.

Accepted Answer

expenses

Answer

rebate

Answer

principal

Answer

budget

Question 12

_________ is a plan to help an individual (or a family) to reach their financial goals.

Accepted Answer

budget

Answer

rebate

Answer

income

Answer

principal

Question 13

_____________ is a way to pay less than full price for an item; can be a fixed amount off or a % off.

Accepted Answer

discount coupon

Answer

unit price

Answer

liabilities

Answer

net worth

Question 14

______________ is a budget expense used to accumulate money to pay for future expenses like college, retirement, emergencies etc.

Accepted Answer

planned savings

Answer

simple interest

Answer

compound interest

Answer

Medicare tax

Question 15

_________ are the items you owe money on, like a home mortgage, car loan, or credit card debt

Accepted Answer

liabilities

Answer

assets

Answer

discount coupons

Answer

income tax deductions

Question 16

________ are the items a person owns that have monetary value

Accepted Answer

assets

Answer

expenses

Answer

liabilities

Answer

net pay

Question 17

_________ is money paid to a person for goods, services or investments.

Accepted Answer

income

Answer

liabilities

Answer

federal withholding

Answer

income tax deductions

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