Financial Literacy

Front

Usually, the more education you receive the more money you can potentially earn.

Back

True

Front

What is the difference between gross pay and net pay?

Back

Net is money you have left after taxes

Front

What type of taxes are taken out of your pay if you live in Texas? Options: Federal Income tax, FICA, State Income tax, All of the above, A & B

Back

Federal Income tax, FICA

Front

What is the estimated % of taxes taken out of your pay? Options: 10%, 15%, 20%, 25%

Back

25%

Front

What deductions could be taken out of your pay check?

Back

All of the above (Health insurance premiums, Life insurance premiums, Retirement plan premiums, Garnishments)

Front

In what order should you use your money? Options: Save it, spend it, invest it, give it away; Save it, invest it, spend it, give it away; Spend it, save it, invest it, give it away; Give it away, save it, invest it, spend it.

Back

Give it away, save it, invest it, spend it

Front

What is the difference between a want and a need?

Back

A need is something necessary to live

Front

What is the best advice if you are going to use credit cards?

Back

Pay off the entire balance every month

Front

How is your credit score calculated?

Back

All of the above

Front

Who needs a budget?

Back

Everyone who makes money