What is the difference between Net Pay and Gross Pay?
Budgeting Quiz

Quiz
•
Other
•
10th Grade
•
Medium
Allie Tunnicliff
Used 14+ times
FREE Resource
24 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Net Pay is before taxes and deductions, while Gross Pay is take-home pay.
Net Pay is take-home pay, while Gross Pay is before taxes and deductions.
Net Pay is the total income, while Gross Pay is the total expenses.
Net Pay is the total expenses, while Gross Pay is the total income.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which source of income should you use for budgeting?
Gifts
Allowance
Interest income
Your job
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be your largest expense when creating a budget?
Housing
Transportation
Food
Entertainment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of tracking your spending?
To estimate your income
To set financial goals
To record your purchases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do with receipts, bills, and other financial documents?
Throw them away
Keep them in a folder or envelope
Ignore them
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do if your income is greater than your expenses?
Increase your expenses
Decrease your income
Adjust your budget to save more
Ignore the surplus
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Rohan, Grace, and Sophia are having a debate about the 50/30/20 budgeting method. Can you help them figure out what it means?
50% of income goes to savings, 30% is kept as cash, and 20% is used for expenses.
50% of income is used for expenses, 30% goes to savings, and 20% is allocated for wants.
50% of income goes to savings, 30% is used to pay off liabilities, and 20% is kept as cash.
50% of income is used for expenses, 30% is allocated for wants, and 20% goes to savings or debt payments.
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