Alabama Financial Literacy Test

Alabama Financial Literacy Test

Assessment

Flashcard

Financial Education

9th Grade

Hard

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50 questions

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1.

FLASHCARD QUESTION

Front

The total money one gets to “take home” from a paycheck after taxes and deductions are taken out is known as what?

Back

Net pay

2.

FLASHCARD QUESTION

Front

Which of the following is the form employers use to determine how much tax to deduct from a paycheck? W-2, W-4, I-9, W-9

Back

W-4

3.

FLASHCARD QUESTION

Front

Which of the following is the form an employer provides to an employee to inform them of how much money was deducted from paychecks in a given year? W-4, I-9, W-2, W-9

Back

W-2

4.

FLASHCARD QUESTION

Front

Which of the following statements best describes gross pay? Amount of money one receives from insurance after an illness or accident, Amount of money one receives from their job before taxes or other deductions are taken out, Amount of money one receives from their job after taxes or other deductions are taken out, Amount of money one earns from their job by overtime, bonuses, and reimbursements

Back

Amount of money one receives from their job before taxes or other deductions are taken out

5.

FLASHCARD QUESTION

Front

Which of the following will be paid for as part of the escrow funds included in a mortgage loan? Car insurance, Principal on home loan, Property tax, Home warranty

Back

Property tax

6.

FLASHCARD QUESTION

Front

When seeking to open a bank account, which of the following is needed? Blank checks, Government-issued identification, Recommendation letter, School transcript

Back

Government-issued identification

7.

FLASHCARD QUESTION

Front

When one is seeking to purchase a product at a store, what additional cost must be paid in addition to the listed price of the product?

Back

Sales tax

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