Financial Literacy Quiz

What does net salary refer to?

• Your paycheck before taxes

• A summary of your credit activity

• Your paycheck after taxes and other deductions

• A cash reserve for emergencies

What is a credit report?

• A plan for saving money

• A summary of your credit activity and loan history

• A cash reserve for emergencies

• A number used to compare currency values

What is an emergency fund?

• A plan for spending money

• A summary of your credit activity

• A cash reserve set aside for unplanned expenses

• A number used to compare currency values

What is the current federal minimum wage in the U.S.?

• $10.00

• $7.25

• $15.00

• $12.50

How often is "biweekly"?

• Every week

• Every two weeks

• Every month

• Every day

What does "income" refer to?

• Money spent on expenses

• Money earned or received such as wages or salaries

• A type of financial aid

• A form of insurance

What does "federal minimum wage" mean?

• The highest wage allowed by law

• The lowest national wage as established by law

• A type of financial aid

• A form of insurance

What is the significance of "biweekly" in financial terms?

• It refers to a monthly payment

• It refers to a payment every two weeks

• It refers to an annual payment

• It refers to a daily payment

What is a credit union?

• A place to cash checks without a bank account.

• A nonprofit-making money cooperative whose members can borrow from pooled deposits.

• A financial reward given to an employee.

• A written form to transfer money from one account to another.

What are tips in terms of compensation?

• A financial reward given to an employee.

• A sum of money given by a customer to certain service sector workers.

• A fixed regular payment made by an employer.

• A written form to transfer money from one account to another.