Hyperdocs Activity

What is the primary focus of the Master Math series on financial literacy?

• Understanding complex mathematical theories

• Learning about financial principles essential for life

• Preparing for advanced economics courses

• Studying historical financial data

What does 'gross pay' refer to in terms of a paycheck?

• Only the overtime pay

• The initial amount before any deductions

• The final amount one can spend

• The amount after taxes and deductions

What is deducted from your gross pay?

• Taxes and other contributions

• Investment returns

• Only federal income tax

• Net income

How does the graduated tax rate system work?

• Everyone pays the same percentage of tax

• Higher earners pay a higher percentage on incremental income

• Lower earners pay more taxes

• Taxes decrease as income increases

What percentage of the federal budget was allocated to Medicare and Medicaid in 2011?

• 23%

• 15%

• 19%

• 30%

What is 'discretionary spending' in the context of federal budgeting?

• Fixed costs that cannot be changed

• Spending mandated by law

• Funds allocated to unexpected expenses

• Budget items that Congress can adjust

What does 'net pay' represent?

• Investment income included in your paycheck

• The amount after all deductions are applied

• Only the taxable income

• Initial earnings before deductions

What is a sensible budget allocation for housing if your annual take-home pay is $14,560?

• $350 per month

• $650 per month

• $450 per month

• $550 per month

How much should you budget monthly for food with a net income of $14,560 per year?

• $164

• $264

• $464

• $364

What is the impact of education on your income potential, according to the video?

• Increases potential income

• Only affects tax rates

• Decreases potential income

• No impact