Financial Literacy Test

A type of account used for everyday spending and uses checks / debit cards

• Checking Accounts

• Saving Accounts

• Brokerage Accounts

• Bank Accounts

A type of account used to store money for longer term goals and earns interest over time

• Savings Account

• Checking Account

• Brokerage Account

• Bank Account

How does the government pay for roads, schools, and emergency services?

• They are funded through non-profits.

• They are funded through taxes.

• They are funded through charitable donations.

• None of the above.

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck, is called ___________.

• Gross Pay

• Net Pay

• Total Pay

• Year to Date Pay

What does the W-2 form tell you?

• How much you've earned and how much taxes you've paid in the last year.

• When to file your tax return.

• How much federal income tax your employer will withhold from your paycheck.

• How often your employer will be paying you.

Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of ________ available from your employer.

• Benefits

• Pensions

• Deductions

• Allowances

Which of the following is a benefit of using a budget?

• Helps to keep track of the money you receive.

• Helps to prioritize your spending.

• Helps reach short- and long-term financial goals.

• All of these.

This helps you prepare for unexpected expenses.

• Credit Cards

• Checking Account

• Emergency Fund

• None of these.

Making a good purchasing decision requires _____________.

• Comparing the prices of similar items.

• Reading reviews of the product.

• Waiting until the product is on sale, if possible.

• All of these.

How is a post from a social media influencer different than a comment from a regular consumer?

• It isn't any different.

• The post by the influencer is likely one-sided.

• The post by the influencer may have been posted by the seller.

• The influencer is paid to post the product.