Financial Literacy Quizs

What is the term used to describe interest earned on interest gained?

• Simple interest

• Compound interest

• Fixed interest

• Variable interest

What will be paid for as part of the escrow funds included in a mortgage loan?

• Homeowner's insurance

• Property tax

• Mortgage insurance

• Utilities

Federal income tax brackets can be impacted by...

• Marriage status of taxpayer

• Number of dependents

• State of residence

• Income level

When inspecting your banking or credit statement and discover several charges you did not make, you are most likely a victim of what?

• Identity theft

• Fraudulent transactions

• Bank error

• Unauthorized access

Which type of card remove funds from checking account almost instantly after making a purchase?

• Credit card

• Debit card

• Prepaid card

• Charge card

Which investment tool is characterized by the following traits: Investor loans money to a city, county govt or company, Money is repaid after a certain date plus interest, Generally considered a safe investment, Not insured by the FDIC?

• Stocks

• Bonds

• Mutual Funds

• Real Estate

The total pay you "take home" from a paycheck after taxes and deductions are taken out is known as what?

• Gross pay

• Net pay

• Taxable income

• Deductions

Which tax form do employers use to determine how much tax to deduct from a paycheck?

• w-2

• w-4

• 1099

• 1040

Sales tax amounts are generally established by which levels of government?

• Federal and state rates

• State and local rates

• Local and international rates

• State and federal rates

When eating at a restaurant, you must consider additional costs of sales tax and...

• Service Charge

• Tip

• Delivery Fee

• Reservation Fee