Lesson 2 Vocabulary Quiz

Lesson 2 Vocabulary Quiz

12th Grade

12 Qs

quiz-placeholder

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Lesson 2 Vocabulary Quiz

Lesson 2 Vocabulary Quiz

Assessment

Quiz

Financial Education

12th Grade

Easy

Created by

Ethan Gilchrist

Used 7+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does Gross Pay mean?

The money you take home after deductions

The total amount earned before taxes and deductions

The amount set aside for retirement savings

The extra money earned from overtime

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Net Pay is best described as:

Your hourly wage multiplied by hours worked

The total amount before any deductions

The amount you take home after deductions

The money set aside for taxes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Deduction?

Money earned for working extra hours

Money taken out of your paycheck for taxes, insurance, or retirement

A payment from your employer for healthcare

A savings account for emergencies

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the portion of your paycheck your employer sends directly to the government for taxes?

Net Pay

Withholding

Deduction

Benefit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Federal Tax?

Money collected by state governments for schools

Money collected by the U.S. government to fund federal programs

A tax that only applies to healthcare

Money deducted for retirement plans

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a State Tax?

Tax collected by the federal government to fund the military

Tax collected by your state government to fund local services

Tax taken out only for retirement savings

Tax only paid by businesses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Social Security Tax is collected to fund:

Student loans

Disability and retirement benefits

Public schools

Paid vacation

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