Financial Literacy Budget Quiz

Your occupation is a 1st year teacher. Your current salary is:  $61,820. 

What is 25% of your gross pay?

• $1,545,500.00

• $2,472.80

• $15,455

• .25

What is the formula for determining your annual net pay?

• I get what I get and I don't have a fit.

• Annual Gross Pay minus

  Taxes and Deductions

• I can negotiate with my employer

• $46,365

If your starting gross pay is $61,820, what is your annual net pay?

• I get what I get and I don't have a fit.

• $108,185

• $61,820

• $46,365

How do you determine your monthly net pay?

• I have my check directly deposited to my checking account.

• It just shows up in my CashApp.

• Annual net pay divided by twelve.

• My employer pays me cold, hard cash.

What is your monthly net (take home) pay ?

• $61,820

• $3,863.75

• $112,048.75

• $5151.66

You broke your finger playing basketball with friends. The visit to the outpatient clinic will cost $125. Is this an expense or income?

• deposit

• expense

• loan

• income

Good news! Your credit score has improved. Your insurance costs go down 5%.

Is this an additional payment or a decrease in payment?

• decrease

• increase

Good news! You have been an excellent driver and are rewarded with a $50 monthly premium reduction. Is this an increase in your monthly premium or a decrease?

• decrease

• increase

You are diagnosed with Celiac disease. You can only eat food that is gluten-free. Your food budget increases by 30%.

Is this an increase in your monthly budget or a decrease?

• Increase in Food budget.

• Decrease in Food budget.

Your water heater breaks. A new one will cost $350.

• Decrease in Utilities budget

• Increase in Utilities budget