Chapter 3 Earnings and Income Test

Chapter 3 Earnings and Income Test

12th Grade

78 Qs

quiz-placeholder

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Chapter 3 Earnings and Income Test

Chapter 3 Earnings and Income Test

Assessment

Quiz

Financial Education

12th Grade

Medium

Created by

Helen Yu

Used 5+ times

FREE Resource

78 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

To accumulate wealth, you need to generate a(n)?

Surplus.

Deficit.

Expense.

Loan.

2.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following refers to the money left over after all of your expenses have been paid?

Surplus

Deficit

Net worth

Assets

3.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following refers to expenses exceeding income?

Surplus

Deficit

Net worth

Assets

4.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following indicates the percentage of income that you are actively saving?

Surplus

Deficit

Net worth

Savings ratio

5.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following is the same as a savings ratio over a specific time period?

Surplus.

Deficit.

Targeted savings ratio.

Assets.

6.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following indicates the percentage of your income that you are spending to pay down your debts?

Surplus.

Total debt to income ratio.

Targeted savings ratio.

Savings ratio.

7.

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Which of the following refers to having your employer take money automatically from your paycheck and contribute it directly to a retirement savings plan or a savings account?

Payroll deduction.

Total debt to income ratio.

Targeted savings ratio.

Savings ratio.

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