Financial Literacy Quiz

What expenses are categorized as "needs" in budgeting?

What expenses are categorized as "wants" in budgeting?

What is "savings" in budgeting?

How much of your salary do unions typically take in membership fees?

• 1-2%

• 5-10%

• 15-20%

True or False: Credit cards build your credit score.

• True

• False

What are Deductions?

• Money added to your paycheck for bonuses

• Money taken out of your paycheck to pay for benefits and taxes

• Money set aside for future investments

What is one way unions can impact wages?

• By decreasing wages through collective bargaining

• By raising wages through collective bargaining and strikes

• By not affecting wages at all

What is Gross Pay?

• The amount an employee receives after deductions and taxes

• The amount an employee is paid before deductions and taxes

• The amount an employee saves from their paycheck

What is Post-Tax Income?

• The money left after paying income taxes

• The amount an employee earns before any deductions

• The money left after paying all other bills and expenses

What is Pre-Tax Income?

• The amount an employee receives after taxes

• The amount an employee actually takes home

• The amount an employee earns before taxes are deducted