Financial Literacy Test

Income tax is tax you pay to the government based on your ______.

• a. controlling
• b. spending
• c. budget
• d. income

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.8.5

CCSS.RI.9-10.3

A _____ is a plan for saving and spending money.

• a. checking account
• b. charge card
• c. bank
• d. budget

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.6.5

CCSS.RI.7.5

________ is the money that the government takes out of your salary for Medicare and social security.

• a. Income
• b. Deductible
• c. Corrections
• d. F.I.C.A.

Before money is taken from your salary for taxes and social security, your income is called _________.

• a. spendable
• b. net
• c. gigantic
• d. gross

The money that you actually take home after deductions is called ______.

• a. net pay
• b. gross
• c. great
• d. next-to-nothing

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

_______ is a federal government program that provides benefits for people of all ages.

• a. Medicare
• b. Licenses
• c. Social security
• d. Legal fees

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.8.3

Flexible expenses are expenses that come ______ or that you can adjust more easily.

• a. monthly
• b. often
• c. irregularly
• d. all of the above

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.6.5

CCSS.RI.7.5

What type of expenses stay the same in amount from month to month?

• a. fixed
• b. variable
• c. calculated
• d. saved

Withhold means ______.

• a. a plan for saving and spending
• b. total pay
• c. money your employer takes out of your check
• d. discretionary income

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

A healthcare program provided by the federal government for retired persons is called _______.

• a. income tax

• b. Medicare

• c. deductions

• d. Social Security

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.8.5

CCSS.RI.9-10.3