Financial Literacy Quiz

What is the term for the total amount of money earned before any deductions are taken out?

• Net Income

• Gross Income

• Salary

• Paycheck

What is a sum of money placed in a bank account to accumulate interest?

• Loan

• Withdraw

• Deposit

• Debt

What is the term for money owed by one party to another?

• Asset

• Investment

• Interest

• Debt

What is the term for the amount of money that a worker is paid for their labor?

• Gross Income

• Paycheck

• Salary

• Net Income

What is the term for the money taken out of a paycheck to pay for government services and programs?

• Sales Tax

• Income Tax

• Escrow

• Inflation

What is the term for the increase in prices and fall in the purchasing value of money?

• Interest

• Inflation

• Finance

• Escrow

What is the term for the minimum pay an employer is required to pay for work performed during a given period, which cannot be reduced by agreement?

• Salary

• Gross Income

• Minimum Wage

• Net Income

What is the term for the act of taking money out of an account?

• Deposit

• Loan

• Withdraw

• Debt

What is the term for the cost associated with borrowing money?

• Dividend

• Interest

• Profit

• Revenue

What is the term for the financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time?

• Income Statement

• Balance Sheet

• Cash Flow Statement

• Profit and Loss Statement