Financial Literacy Quiz

What is the term for an adjustment to income that comes after the adjusted gross income is determined?

• Recordkeeping

• Deduction

• Overdrawn

• Rebate

What is the definition of an entrepreneur?

• Person who starts a business venture and assumes the risk of its success or failure

• Person who provides a service to the public or a company for money

• Person who keeps track of money

• Person who trades items other than money

What is digital currency?

• Physical product

• A form of money that is exchanged online and has no physical form

• Tool that makes it easier to trade one thing of value for another

• Service that allows a person to direct payment from his or her bank account

What is a progressive tax?

• Tax that is paid out of the value of an estate before the estate is transferred to the heirs

• The more a person makes, the higher the rate of taxation

• Fee banks pay depositors for use of their money

• Expense that qualifies as a deduction from adjusted gross income

What is the definition of a fixed expense?

• Expense that stays the same each month

• Amount of money paid for each hour worked

• Offer to pay back a portion of the money a customer spent on an item

• Penalty banks charge when overdrawn

What is the fixed amount that can be claimed instead of listing individual deductions?

• Commission

• Standard deduction

• Tax credit

• Minimum wage

What is the term for the percentage of the amount of a business transaction paid to a sales agent or broker?

• Stipend

• Commission

• Tip

• Overtime pay

Who is a person or company that hires a person and pays him or her for work done?

• Heir

• Employer

• Dependent

• Self-employed

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.L.K.5A

What is the term for any profit from the sale of an asset that was held less than a year?

• Capital gain

• Short term capital gain

• Inheritance

• Layaway plan

What is a money market account similar to?

• Checking account

• Interest bearing bank account

• Payroll

• Direct deposit