Quiz about Financial Literacy

Question 1

Tax the boss takes out of your check for social security and medicare

Accepted Answer

Payroll tax

Answer

Property Tax

Answer

Income Tax

Answer

Sales Tax

Question 2

money earned or received

Accepted Answer

Income

Answer

Expenses

Answer

Deductions

Answer

Check

Question 3

Tax on the value of a house, building or land

Accepted Answer

Property tax

Answer

Sales Tax

Answer

Income Tax

Question 4

Which method of payment may you have to pay interest?

Accepted Answer

Credit Card

Answer

Cash

Answer

Check

Answer

Debit Card

Question 5

a written document telling the financial institution to pay someone

Accepted Answer

Check

Answer

Cash

Answer

Card

Answer

Debit

Question 6

the income that remains after taxes and other deductions

Accepted Answer

Net Income

Answer

Gross income

Question 7

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

Accepted Answer

$40

Answer

$840

Answer

$98

Answer

$4

Question 8

a card that can be used to borrow money from financial institutions,

Accepted Answer

credit card

Answer

debit card

Answer

check card

Answer

cash card

Question 9

A fixed, regular income usually paid out once or twice a month.

Accepted Answer

Salary

Answer

Daily

Answer

Hourly

Answer

Annual

Question 10

Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?

Accepted Answer

Net Income

Answer

Gross Income

Answer

Both Gross and Net Income

Answer

None of the above

Question 11

Mrs. Allen paid $3,678 every year as a tax on her house. This is considered a -

Accepted Answer

property tax

Answer

sales tax

Answer

income tax

Answer

home tax

Question 12

Mrs. Fanning bought a science kit at the store for $10. At the register, she was charged $10.85. The different between the price and what Mrs. Fanning paid is considered -

Accepted Answer

sales tax

Answer

income tax

Answer

credit

Answer

property tax

Question 13

Before taxes and deductions, Mrs. Allen's pay was $1,600. This is considered her -

Accepted Answer

gross income

Answer

net income

Answer

deposits

Answer

income tax

Question 14

Which of the following is considered an advantage to using a debit card to make purchases?

Accepted Answer

All of the above.

Answer

Debit cards are convenient and easy to carry around.

Answer

Purchases can be made quickly and easily.

Answer

You can use many ATMs to get cash.

Question 15

Which tax is based on the amount of money you earn?

Accepted Answer

Income Tax

Answer

Sales Tax

Answer

Property Tax

Question 16

Money taken out your income

Accepted Answer

deductions

Answer

gross

Answer

net

Answer

expenses

Question 17

Before Mrs. Jones received her paycheck fees were taken from her check for medicare, insurance, and social security. These are ___________________ from her paycheck.

Accepted Answer

deductions

Answer

taxes

Answer

withdrawals

Answer

debits

Question 18

Jill earned $220 gross income last month.  She had to pay $13 for payroll tax and $27 for income tax.  How much was Jill's net income?

Accepted Answer

$180

Answer

$260

Answer

$193

Answer

$40

Question 19

Bob's net income last month was $985.  He paid $75 in payroll taxes and $25 on income taxes. What was Bob's gross income?

Accepted Answer

$1085

Answer

$885

Answer

$900

Answer

$910

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