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Financial Literacy Quiz

Authored by Aspen Farmer

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12th Grade

Used 1+ times

Financial Literacy Quiz
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33 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of creating a budget?

To increase your income

To plan and control your spending

To eliminate all expenses

To calculate your taxes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a fixed expense?

Monthly rent

Groceries

Utility bills

Entertainment

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between gross income and net income?

Gross income includes taxes; net income does not.

Net income includes expenses; gross income does not.

Gross income is before taxes; net income is after taxes.

There is no difference between gross and net income.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage of your income is generally recommended to save?

5%

10%

20%

25%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an essential expense?

Rent

Food

Streaming service subscription

Utility bills

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating your disposable income?

Gross income - savings

Gross income - taxes

Net income - fixed expenses

Net income - discretionary expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a variable expense?

Mortgage payment

Grocery shopping

Health insurance premium

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