QUIZS, Money Skills Unit Test Review 2025

Who has to pay taxes to the US government?

• Every citizen, regardless of their age or working status
• Every person or company that earns income in the US
• Anyone who owns a home or attends a public school
• No one has to - taxes are a voluntary program

Which of these is an example of a SHORT term goal?

• Community College
• Disney vacation for the family
• Gift for your friend's birthday next week
• Sailboat (25 feet)

Three of these items represent services provided by the federal government using taxpayer money. Which one represents a personal expense/bill NOT paid by tax revenue?

• Military protection
• Medicare & Social Security
• Car/Automobile insurance
• NASA space program

Julie's part-time job pays her $15 per hour. She works for 10 hours this pay period. How much is her GROSS pay?

• $1500
• $150
• $150, minus any taxes she has to pay
• Depends on how many deductions she has taken out of her pay

In which situation could unlimited data phone be considered a NEED?

• You love watching movies, and you already pay for all the streaming services, so now you need the data.

• Unlimited data will allow you to play video games with friends even when your not at home, and you LOVE video games

• You so many social media accounts, and he needs to be able to check them throughout the day, even while in school

• He has an hour-long bus ride each direction to and from school, and he uses that time to complete homework and submit it online

How much money has this employee earned in gross pay this current pay period?

• $1,307.76
• $2,000.00
• $692.24
• $46,000.00

The Federal Deposit Insurance Corporation (FDIC) insures up to what amount per depositor in an insured bank?

• $750,000
• $250,000
• $100,000
• $20,000

Why should you use your NET pay when creating a budget?

• Your net pay will always be higher, so you'll have more money to spend
• Your net pay is a more accurate picture of how much money you have available to spend or save
• Your employer knows what your net pay is, but you only know what your gross pay is
• Your net pay is before any taxes or voluntary deductions are taken out

Which type of spending personality likes to see their money make money?

• Spender
• Thinker
• Collector
• Avoider

Rylie plans on using the 50/30/20 rule for budgeting. According to what we learned, how will she split her income?

• 50% needs, 30% wants, 20% savings
• 50% budget, 30% needs, 20% wants
• 50% saving, 30% needs, 20% wants
• $50 wants, $30 needs, $20 savings