Financial Literacy Quiz

Which definition matches gross income?

• The amount of money made after deductions are taken out

• Money that you collect

• The amount of money made before deductions are taken out

• money that is earned as a result of work

Which definition matches Net income?

• money that is earned as a result of working

• The amount of money made before deductions are taken out

• The amount of money made after deductions are taken out

• Money that you collect

Which definition matches income?

• Money that you collect

• money that is earned as a result of working

• The amount of money made before deductions are taken out

• The amount of money made after deductions are taken out

What is a budget?

• Money that I can spend on what I want

• Something that is hard to understand

• An organized plan for spending and saving money

What are property taxes?

• Money paid to the government based on money you earn

• Money an employer withholds from an employee’s paycheck

• A portion of the value of items that is paid to a city or government

• Money added to the cost of items or services

What is sales tax?

• Money added to the cost of items or services

• Money paid to the government based on money you earn

• A portion of the value of items that is paid to a city or government

• Money an employer withholds from an employee’s paycheck

What is a payroll tax?

• Money paid to the government based on money you earn

• Money an employer withholds from an employee’s paycheck

• A portion of the value of items that is paid to a city or government

• Money added to the cost of items or services

What are income taxes?

• Money added to the cost of items or services

• Money paid to the government based on money you earn

• A portion of the value of items that is paid to a city or government

• Money an employer withholds from an employee’s paycheck

A deposit is money ______ your bank account

• taken out of

• put into

A withdrawal is money ________ of your bank account

• put into

• taken out