Finance Quiz

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

Marco has the following deductions listed.

Federal Income tax: $44

Social Security tax: $23

Medicare tax: $5

Health Insurance: $24

What is the total amount of his deductions?

• $39

• $67

• $91

• $96

David's gross income: $127.25

David's deductions: $25.20

David's net pay: ?

• $102.05

• $102.45

• $112.05

• $152.45

Which of the following is an example of a "need"?

• video game
• shelter
  shelter
• designer clothes
• iphone

Which of the following is an advantage of a debit card?

• You can accidentally wash it in the washing machine.
• You can buy expensive items.
• You can purchase items online.
• You can use it at restaurants.

Which of the following is deducted from everyone's paycheck in the United States whether they like it or not?

• Sales Taxes
• Food Costs
• Utilities
• Federal Taxes

Which of the following is an advantage of a credit card?

• You can buy anything you want.
• You can spend more than you have.
• You can buy something you need and pay it back in payments.
• You can buy things you can't afford.

A definition of a financial term is shown below.
_{A tax on retail products based on a set percentage of retail cost.}
Which term best fits this definition?

• Income Tax
• Payroll Tax
• Property Tax
• Sales Tax