Quiz about Financial Vocabulary Day-1

Question 1

Leon earns $15 per hour. He worked 40 hours last week and earned $600. He received a paycheck of $475. What type of tax did he pay?

Accepted Answer

Payroll Tax

Answer

Income tax

Answer

Sales tax

Answer

Property tax

Question 2

Kathy received a paycheck for $685 after taxes and deductions. What type of income did she receive?

Accepted Answer

Net income

Answer

Gross income

Answer

Payroll income

Answer

None of the above

Question 3

What statement defines gross income?

Accepted Answer

Gross income is the amount of income before taxes are paid

Answer

Gross income is the amount of income after taxes are paid.

Answer

Gross income is the amount of taxes paid.

Answer

Gross income is the amount of income of buying goods and services

Question 4

Money you make before taxes...

Accepted Answer

Gross Income

Answer

Net Income

Answer

Disposable Income

Answer

Discretionary Income

Question 5

A tax on earned income, paid by the employer out of an employee's paycheck. This tax is used for social security and medicare.

Accepted Answer

Payroll tax

Answer

Government tax

Answer

Property tax

Answer

Sales tax

Question 6

The amount of income left after taxes and other deductions are taken out.

Accepted Answer

Net Pay

Answer

Gross Pay

Answer

Surplus

Answer

Deficit

Question 7

A place for you to keep money at a bank or credit union

Accepted Answer

account

Answer

credit card

Answer

debit card

Answer

check

Question 8

Money that you owe for things like utilities

Accepted Answer

bills

Answer

budget

Answer

checking account

Answer

account

Question 9

A signed paper that tells a bank or credit union to give someone a specific amount of money from your account.

Accepted Answer

check

Answer

deposit

Answer

teller

Answer

savings account

Question 10

a card you use to borrow money and make purchases up to a certain limit and then pay it back later with interest.

Accepted Answer

credit card

Answer

debit card

Answer

deposit

Answer

checking account

Question 11

A card that withdraws money from your checking account at a bank or credit union to pay for something.

Accepted Answer

debit card

Answer

teller

Answer

deposit

Answer

bills

Question 12

When you put money into an account at a bank or credit union.

Accepted Answer

deposit

Answer

budget

Answer

account

Answer

credit card

Question 13

An account at a financial institution dedicated to saving and growing money. The account earns interest

Accepted Answer

savings account

Answer

checking account

Answer

debit card

Answer

deposit

Question 14

Creating a plan for managing income and expenses to meet financial goals.

Accepted Answer

Budgeting

Answer

Investing

Answer

Saving

Answer

Credit Score

Question 15

Setting aside money for future use or emergencies.

Accepted Answer

Saving

Answer

Debt

Answer

Insurance

Answer

Income

Question 16

The process of setting aside funds and making financial decisions to ensure a comfortable retirement.

Accepted Answer

Retirement Planning

Answer

Entrepreneurship

Answer

Inflation

Answer

Mortgage

Question 17

A payment card that allows the cardholder to borrow funds from a financial institution to make purchases

Accepted Answer

Credit Card

Answer

Debit Card

Answer

Check

Answer

Cash

Question 18

Money earned from various sources, such as employment, investments, or business activities.

Accepted Answer

Income

Answer

Debt

Answer

Expense

Answer

Asset

Question 19

A numerical representation of a person's creditworthiness, used by lenders to assess the likelihood of repayment.

Accepted Answer

Credit Score

Answer

Interest Rate

Answer

Debt

Answer

Insurance

Question 20

Money spent on goods, services, or bills.

Accepted Answer

expense

Answer

Income

Answer

debt

Answer

insurance

Question 21

The difference between a person's assets and liabilities, representing their overall financial worth

Accepted Answer

Net Worth

Answer

Expense

Answer

Credit Score

Answer

Investing

Question 22

to put money into an account

Accepted Answer

deposit

Answer

withdraw

Answer

checking

Answer

interest

Question 23

bills that are paid to keep a household running

Accepted Answer

utilities

Answer

fixed

Answer

variable

Answer

liabilities

Question 24

an amount of money borrowed that will need to be paid back.

Accepted Answer

loan

Answer

interest

Answer

principal

Answer

withdraw

Question 25

Items purchased to satisfy needs and wants

Accepted Answer

goods

Answer

liabilities

Answer

net worth

Question 26

An amount available or owed on an account.

Accepted Answer

Balance

Answer

Accounts

Answer

Budget

Answer

Cash

Question 27

The physical form of money, such as coins or paper money.

Accepted Answer

Cash

Answer

Balance

Answer

Budget

Answer

Copay

Question 28

Obtaining something you want with the understanding you'll pay for it later.

Accepted Answer

Credit

Answer

Debit

Question 29

An amount removed from your bank account to pay for something.

Accepted Answer

Debit

Answer

Credit

Question 30

Money earned through work.

Accepted Answer

income

Answer

withdrawal

Answer

expense

Answer

deposit

Question 31

A document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes.

Accepted Answer

pay stub

Answer

budget

Answer

transfer

Answer

net pay

Question 32

Moving money from one account to another.

Accepted Answer

transfer

Answer

deduction

Answer

addition

Answer

withdrawal

Question 33

How many paychecks do you receive in a year if you are paid bi-weekly?

Accepted Answer

26

Answer

24

Answer

12

Answer

22

Question 34

Your pay BEFORE deductions are taken out

Accepted Answer

gross pay

Answer

net pay

Answer

principal

Answer

mortgage

Question 35

Your pay AFTER deductions are taken out

Accepted Answer

net pay

Answer

gross pay

Answer

mortgage

Answer

principal

Question 36

Gross pay is...

Accepted Answer

The amount of pay you receive before taxes

Answer

The amount of pay you receive after taxes

Answer

The amount of pay you receive if you are a part time employee

Answer

The amount of pay you receive if you are a full time employee

Question 37

True or False: Interest can both cost you money and/or earn you money

Accepted Answer

True

Answer

False

Question 38

Net pay is...

Accepted Answer

The amount of pay you receive after taxes

Answer

The amount of pay you receive before taxes

Answer

The amount of pay you receive if you are a part time employee

Answer

The amount of pay you receive if you are a full time employee

Question 39

True or False: Debit cards immediately pull funds from your checking account to pay your expense.

Accepted Answer

True

Answer

False

Question 40

What is "risk"?

Accepted Answer

A chance of loss or harm

Answer

Money that is saved

Answer

Payments for work done

Answer

Difficult to get or find

Question 41

The amount of money a person or business can borrow.

Accepted Answer

Credit

Answer

Interst

Answer

Property

Answer

Salary

Question 42

I am investing in my ____ for when I retire.

Accepted Answer

Pension

Answer

Mortgage

Answer

Salary

Answer

Tax

Question 43

Money borrowed that must be repaid

Accepted Answer

Loan

Answer

Taxes

Question 44

A card that allows people to acquire things from their own savings.

Accepted Answer

Debit Card

Answer

Credit Card

Question 45

A card that allows people to buy things by taking out a bank loan.

Accepted Answer

Credit Card

Answer

Debit Card

Financial Vocabulary Day-1

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