Financial Literacy Quiz

What is the main focus of Unit 2 in the learning material?

• Saving

• Budgeting

• Investing

• Borrowing

What is the definition of income sources?

• Ways you spend money

• Ways you receive money

• Ways you save money

• Ways you invest money

Which of the following is a type of income that can be considered a gift?

• Birthday money

• Money you owe a friend

• A loan repayment

• A bill you pay

How much will you earn after five years if you save $1,000 at 4% interest?

• $100

• $217

• $400

• $500

What is a paycheck deduction?

• Money added to net pay

• Money subtracted from gross pay

• Money added to gross pay

• Money subtracted from net pay

What are commissions?

• Fixed yearly salary.

• Payment for each hour worked.

• Earnings based on what you sell.

• Optional extra pay from customers.

What is the main difference between salary pay and hourly pay?

• Salary pay is based on hours worked.

• Hourly pay is a fixed yearly amount.

• Salary pay is a fixed yearly amount, hourly pay is based on hours worked.

• Both are based on sales.

Why is understanding your pay stub important?

• For catching errors in your pay

• For planning vacations

• For buying groceries

• For decorating your home

What can tracking your earnings help you achieve?

• Long-term financial objectives

• Short-term shopping goals

• Immediate travel plans

• Daily exercise routines

What type of expense is rent considered?

• Discretionary

• Fixed

• Optional

• Variable