Financial Literacy Vocabulary
7th - 8th Grade
•22 Qs
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Financial Literacy Vocabulary
Quiz
•
Mathematics
•
7th - 8th Grade
•
Practice Problem
•
Medium
+13
Standards-aligned
Lori Dean
Used 31+ times
FREE Resource
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22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________ is an employee’s pay before any paycheck deductions are taken out.
net pay
net worth
gross pay
principal
Tags
CCSS.RI.6.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
________________ is an amount of an employee’s gross pay that the employer sends to the federal government as partial payment of the employee’s yearly income tax.
federal withholding
net pay
gross pay
principal
Tags
CCSS.RI.6.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What percent of an employee's gross pay is deducted for Medicare tax?
1.45%
6.2%
8.25%
10%
Tags
CCSS.6.RP.A.3C
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
________ is the amount of money that remains (to take home) after all deductions are taken from gross pay.
gross pay
sales tax
federal withholding
net pay
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
________ is a percent of the cost of an item, which is charged by the city, local, and state governments to raise money.
Medicare tax
sales tax
Social Security tax
compound interest
Tags
CCSS.RI.6.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
___________________ are amounts subtracted from an employee’s gross pay by an employer for federal income taxes, Social Security tax, Medicare taxes, retirement savings, etc.
paycheck deductions
gross pay
net pay
rebate
Tags
CCSS.RI.6.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________________ are amounts subtracted from an employee’s taxable income prior to calculating the federal taxes owed.
budget
principal
income tax deductions
net pay
Tags
CCSS.RI.5.10
CCSS.RI.6.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
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