Financial Literacy Quiz

Last updated almost 2 years ago

14 questions

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A financial term is defined in below.

A tax that is added to the cost of goods and services.

Which term best matches this definition?

Sales tax

Property tax

Payroll tax

Income tax

Three students describe gross income and net income.

* Sarah says that net income is the income that is earned before taxes are taken and gross income is the income after taxes are taken.

* Roland says that gross income is the income that is taken from the net income.

* Felix says that gross income is the income that is earned before taxes are taken and net income is the income after taxes are taken.

Which student made a correct statement about the types of income?

Sarah

Roland

Felix

None of them

A financial term is defined in the box below.

A tax that is based on a person's earnings and is paid to the federal government.

Which term best matches this definition?

Sales tax

Property tax

Personal tax

Income tax

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.

Which method of payment best fits the characteristics in the chart?

Check

Electronic check

Credit card

Debit card

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.

Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

Net income

Gross income

Income tax

None of the above

Mr. Jones explained that the tax withholdings are taken out by his employer.

Which term best describes this tax?

Sales tax

Payroll tax

Property tax

Penalty tax

Lilly bought several items at the grocery store. She found that her total should have been $45.19, but she paid $48.92 at the register. Which term describes the additional fee Lilly paid?

Payroll tax

Income tax

Sales tax

Property tax

Erica describes a method of payment to her classmates as follows:

- The user does not need to carry cash.
- The user can gain good credit.
- The user is charged with interest fees.
- Money is not taken from a bank account.

Which method of payment is Erica describing?

Electronic check

Credit card

Debit card

Check

Mrs. Baker owns a home in her home town and land in the country. Each year, she must pay a tax for the value of both the home and the land. What is the name of the tax that she must pay each year?

Payroll tax

Income tax

Sales tax

Property tax

Clay begins working his first job at the mall. His manager tells him that he will be earning $14.50 per hour and he will work 20 hours per week. Clay calculates that he will earn $580.00 each paycheck. Clay's paycheck shows only $440.50 for him to put into his bank account.

Clay's employer explains that some money is deducted for things such as taxes. What term describes the $580.00 that Clay earns before deductions?

Gross income

Income tax

Net income

None of the above

Match each term with the definition that best describes it.

Money paid once a year to the government, based on how much is earned; mainly used to fund activities and serves the public
The amount of money earned after all taxes, insurance costs, etc. are taken out
Money paid by individuals or businesses who own land or property; money raised from this tax is mainly used for road repairs, building of local schools, etc.
The amount of money earned before all taxes, insurance costs, etc. are taken out
Money collected based on the cost of items purchased; each state sets its own retail tax, which is collected accordingly
A tax that includes Social Security and Medicare taxes and is paid by an employer

Sales tax
Payroll tax
Income tax
Property tax
Gross income
Net income

Which of these is NOT an example of sales tax?

Tax paid on the value of a car a person owns

Tax paid on the value of a television a person owns

Tax paid on the value of a vacation home a person owns

Tax paid on the value of books a person owns

What is payroll tax?

Money added to the cost of items or services

Money an employer withholds from an employee's earnings

Money paid to a state by individuals who own property

Money paid once a year to the government

What definition best describes net income?

The amount of money earned before taxes, insurance costs, etc. are taken out

Money collected based on the cost of items purchased

The amount of money withheld by employers from the income earned by employees

The amount of money earned after all taxes, insurance costs, etc. are taken out

A financial term is defined in below.

A tax that is added to the cost of goods and services.

Which term best matches this definition?

Sales tax

Property tax

Payroll tax

Income tax

Three students describe gross income and net income.

   * Sarah says that net income is the income that is earned before taxes are taken and gross 
      income is the income after taxes are taken.

   * Roland says that gross income is the income that is taken from the net income.

   * Felix says that gross income is the income that is earned before taxes are taken and net 
      income is the income after taxes are taken.

Which student made a correct statement about the types of income?

Sarah

Roland

Felix

None of them

A financial term is defined in the box below.

A tax that is based on a person's earnings and is paid to the federal government.

Which term best matches this definition?

Sales tax

Property tax

Personal tax

Income tax

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.

Which method of payment best fits the characteristics in the chart?

Check

Electronic check

Credit card

Debit card

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.

Mr. Jones explained that he is able to use $1,158.37.  What term describes this amount?

Net income

Gross income

Income tax

None of the above

Mr. Jones explained that the tax withholdings are taken out by his employer.

Which term best describes this tax?

Sales tax

Payroll tax

Property tax

Penalty tax

Lilly bought several items at the grocery store.  She found that her total should have been $45.19, but she paid $48.92 at the register.  Which term describes the additional fee Lilly paid?

Payroll tax

Income tax

Sales tax

Property tax

Erica describes a method of payment to her classmates as follows:

   - The user does not need to carry cash.
   - The user can gain good credit.
   - The user is charged with interest fees.
   - Money is not taken from a bank account.

Which method of payment is Erica describing?

Electronic check

Credit card

Debit card

Check

Mrs. Baker owns a home in her home town and land in the country.  Each year, she must pay a tax for the value of both the home and the land.  What is the name of the tax that she must pay each year?

Payroll tax

Income tax

Sales tax

Property tax

Clay begins working his first job at the mall.  His manager tells him that he will be earning $14.50 per hour and he will work 20 hours per week.  Clay calculates that he will earn $580.00 each paycheck.  Clay's paycheck shows only $440.50 for him to put into his bank account.

Clay's employer explains that some money is deducted for things such as taxes.  What term describes the $580.00 that Clay earns before deductions?

Gross income

Income tax

Net income

None of the above

Match each term with the definition that best describes it.

Money paid once a year to the government, based on how much is earned; mainly used to fund activities and serves the public

The amount of money earned after all taxes, insurance costs, etc. are taken out

Money paid by individuals or businesses who own land or property; money raised from this tax is mainly used for road repairs, building of local schools, etc.

The amount of money earned before all taxes, insurance costs, etc. are taken out

Money collected based on the cost of items purchased; each state sets its own retail tax, which is collected accordingly

A tax that includes Social Security and Medicare taxes and is paid by an employer

Sales tax

Payroll tax

Income tax

Property tax

Gross income

Net income

Which of these is NOT an example of sales tax?

Tax paid on the value of a car a person owns

Tax paid on the value of a television a person owns

Tax paid on the value of a vacation home a person owns

Tax paid on the value of books a person owns

What is payroll tax?

Money added to the cost of items or services

Money an employer withholds from an employee's earnings

Money paid to a state by individuals who own property

Money paid once a year to the government

What definition best describes net income?

The amount of money earned before taxes, insurance costs, etc. are taken out

Money collected based on the cost of items purchased

The amount of money withheld by employers from the income earned by employees

The amount of money earned after all taxes, insurance costs, etc. are taken out

Financial Literacy Quiz

Financial Literacy Quiz

A financial term is defined in below.A tax that is added to the cost of goods and services.Which term best matches this definition?

A financial term is defined in the box below.A tax that is based on a person's earnings and is paid to the federal government.Which term best matches this definition?

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.Which method of payment best fits the characteristics in the chart?

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

Mr. Jones explained that the tax withholdings are taken out by his employer.Which term best describes this tax?

Lilly bought several items at the grocery store. She found that her total should have been $45.19, but she paid $48.92 at the register. Which term describes the additional fee Lilly paid?

Erica describes a method of payment to her classmates as follows: - The user does not need to carry cash. - The user can gain good credit. - The user is charged with interest fees. - Money is not taken from a bank account.Which method of payment is Erica describing?

Mrs. Baker owns a home in her home town and land in the country. Each year, she must pay a tax for the value of both the home and the land. What is the name of the tax that she must pay each year?

Match each term with the definition that best describes it.

Which of these is NOT an example of sales tax?

What is payroll tax?

What definition best describes net income?

A financial term is defined in below.

A tax that is added to the cost of goods and services.

Which term best matches this definition?

A financial term is defined in the box below.

A tax that is based on a person's earnings and is paid to the federal government.

Which term best matches this definition?

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.

Which method of payment best fits the characteristics in the chart?

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.

Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

Mr. Jones explained that the tax withholdings are taken out by his employer.

Which term best describes this tax?

Erica describes a method of payment to her classmates as follows:

- The user does not need to carry cash.
- The user can gain good credit.
- The user is charged with interest fees.
- Money is not taken from a bank account.

Which method of payment is Erica describing?