Financial Literacy Quiz

If income exceeds expenses, which of the following is recommended?

• Research investment and savings options

• Decrease income sources

• Increase income sources

• Go on vacation

Which of the following equations calculates net pay?

• Deductions + taxes paid = net pay

• Withholdings + tax deductions = net pay

• Gross pay - deductions = net pay

• Deductions - gross pay = net pay

Which of the following are prepaid debit cards reloaded with employee wages?

• Payroll cards

• Direct cards

• Monetary cards

• Debit cards

Mandated deductions are NOT influenced by which of the following?

• Age

• Exemptions

• Marital status

• Income level

According to the presentation, most sellers will only accept an offer from a buyer with which of the following?

• The same real estate agent as the seller

• An offer more than the asking price

• An FHA or VA loan

• A pre-approval letter

Which of the following is NOT information included in a W-4 form?

• Marital status

• Number of dependents

• Designated additional withholding amounts

• Credit card debt

Select all of the following which are NOT types of benefit forms provided by a company.

• Retirement plans

• Health insurance

• Life insurance

• Renters insurance

• Social security

Which of the following is NOT a form typically completed upon hire?

• Vehicle insurance form

• Emergency contact form

• Bank account information form

• Social Security form

Net pay is the total amount an employee is paid before mandated and voluntary deductions.

• True

• False

Which of the following correctly defines withholdings?

• Amount of wages which are not included in an employee’s paycheck

• The legal right of an employee to earn money

• The percentage of an employee’s yearly raise

• The amount of money an employee earns each year