
Lesson 2 Vocabulary Quiz
Quiz
•
Financial Education
•
12th Grade
•
Easy
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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