Financial Literacy

The money you earn before taxes and other deductions is called...

• Salary
• Net income
• Gross income
• Wages

Money taken from your income before you are paid is called...

• Commission
• Retainer
• Deductions
• Rate

The amount of money you actually receive after the deductions are taken from your gross income.

• Net income
• Deductions
• Wages
• Tax

This is money paid out of your income to the Government to help the country run. 

• Fees
• Wages
• Taxes

• Salary

A word to describe yearly.

• annual
• monthly
• half-yearly
• fornightly

People create and keep a personal budget to help them _____.

• set and reach financial goals

• apply for loan

• buy anything they want

• earn promotions at work

Which of the following are considered variable expenses? (Choose ALL that apply.)

• Magazine subscription

• Electricity

• Insurance coverage

• Clothing

• Recreation and vacation

Which of the following are considered fixed expenses? (Choose ALL that apply.)

• Cable subscription

• Electricity

• Insurance coverage

• Rent

• Medical fees

Which of the following are considered WANTs? (Choose ALL that apply.)

• Concert tickets

• Water

• A new pair of shoes

• Rent

• Medical fees

Which of the following are considered NEEDs? (Choose ALL that apply.)

• Airpods

• Water

• A new pair of shoes

• Food

• Playstation 5