Which of the following is the best definition of minimum wage?

the government sets a minimum for companies to pay employees

the employee pick how much they would like to earn

a legal way for companies to avoid payment

there is no minimum wage in the United States

A household's income must

must not be spent on items the household can afford

meet the basic needs of the household

Alice works at a local smoothie store. She goes to college full-time and works part-time. Alice averages 25 hours per week at the smoothie store and make $9.50 per hour. Which type of income best describes Alice's?

none of the answers are correct

Which statement is true?

Tony has a high credit score, giving him a low interest rate.

Ashley has no money in savings, giving her freedom from having to use credit

Claude has a high credit score, giving him a high interest rate.

Tom has a lot of money in savings, making him rely on credit to make purchases.

Julie and Rachel both have $1,000. Julie uses her $1.000 to pay for her rent. Rachel uses her $1,000 to pay for a portion of her new car payment on the day of purchase. Which statement is true?

Julie is spending, and Rachel is making a down payment.

Julie is saving, and Rachel is investing

Julie is borrowing, and Rachel is making a down payment.

Julie is making a down payment, and Rachel is saving

Which statement is true.

A debit card takes money immediately from a bank account. With a credit card, you pay later (plus interest).

A debit card you pay later (plus interest). A credit card takes money immediately out of the bank.

A credit card and debit card will immediately take money out of the bank.

Not any of the answers are true

Finance and Income Quiz

Authored by Amanda Kay

Social Studies

7th Grade

Used 285+ times

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56 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Money that comes from outside sources, such as a job or career

salary

budget

income

Not any of the answers are correct

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A plan on how to spend and save money

savings

salary

expenses

budget

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Setting money aside to use in the future

wage

budget

salary

saving

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fixed amount of income

budget

saving

expenses

salary

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An hourly rate paid in exchange for labor

wage

salary

income

saving

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Basic needs that a household must pay for

saving

expenses

wage

budget

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Basic needs does NOT include which of the following?

housing

vacation

utilities

food

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Finance and Income Quiz

Money that comes from outside sources, such as a job or career

A plan on how to spend and save money

Setting money aside to use in the future

A fixed amount of income

An hourly rate paid in exchange for labor

Basic needs that a household must pay for

Basic needs does NOT include which of the following?

What are some aspects of a detailed budget?

Where does the money come from for a household to survive on a monthly basis?

A budget is helpful because income is

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