Finance and Credit Knowledge Worksheet

Which document breaks down your income and the taxes taken from your paycheck?

• Invoice

• Bank statement

• Pay stub

• Tax return

Which type of tax do you pay when you buy a new pair of shoes?

• Property tax

• Income tax

• Capital gains tax

• Sales tax

Which company is responsible for generating the most commonly used credit score?

• TransUnion

• FICO

• Equifax

• Experian

Your total earnings before any money is taken out is known as:

• Taxable income

• Gross income

• Net income

• Adjusted income

Which tax form do freelancers typically use to report earnings?

• W-2

• 1040

• 1099

• W-9

Which of the following is NOT normally listed on your pay stub?

• Deductions

• Gross pay

• Your employer's revenue

• Tax withholding

To keep a healthy credit utilization ratio, it should stay below:

• 80%

• 50%

• 40%

• 30%

The amount of money you receive after taxes and deductions is called:

• Take-home pay

• Gross income

• Pretax pay

• Annual salary

Why do you fill out a W-4 form when starting a job?

• To apply for health benefits

• To choose your paycheck method

• To determine how much tax your employer withholds

• To report retirement contributions

What kind of tax supports retirement and health benefits for older citizens?

• Property tax

• Sales tax

• Payroll tax

• Corporate tax