Financial Literacy Quiz

The word money one gets to "take home" from a paycheck after taxes and deductions are taken out is known as what?

• Gross pay

• Federal income tax

• Net pay

• State income tax

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

Which of the following is the form employees use to determine how much tax to deduct from a paycheck?

• W-2

• W-4

• 1040

• 1099

Which of the following is the form an employer provides to an employee to inform them of how much money was deducted from paychecks in a given year?

• W-2

• W-4

• 1040

• 1099

Which of the following statements best describes gross pay?

• Amount of money one receives from insurance after a loss or accident

• Amount of money one receives before taxes or other deductions are taken out

• Amount of money one receives from their job after taxes and other deductions are taken out

• Amount of money one receives from investments and annuities

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Which of the following is not part of the escrow funds included in a mortgage loan?

• Property taxes

• Homeowner's insurance

• Principal and interest

• Private mortgage insurance

When selecting to open a bank account, which of the following is needed?

• Social security number

• Driver's license

• Birth certificate

• School transcript

When one is seeking to purchase a product at a store, what additional cost must be paid in addition to the listed price of the product?

• Sales tax

• Income tax

• Property tax

• Estate tax

Tags

CCSS.7.RP.A.3

Which of the following best describes the concept of APR?

• Summary of all credit card transactions in one month

• The annual interest rate on a credit card or loan

• The fee charged if a credit card payment is late

• The cost of credit in terms of monthly and yearly basis

A certificate of deposit (CD) differs from a traditional savings account in what way?

• CDs have higher interest rates

• CDs are more liquid

• CDs have no interest

• CDs are insured for a fixed period of time

All of the following are advantages of bundling insurance EXCEPT what?

• Lower premiums

• Increased coverage options

• Convenience

• Rental savings