Financial Literacy Quiz

What is Gross Income?

• The amount you earn before taxes and other payroll deductions

• The amount you earn after taxes and other payroll deductions

• The total amount of debt a country owes

• A tax on the purchase of goods or services

What does Net Income refer to?

• A tax on certain goods that aren’t typically considered a necessity

• A tax on the positive difference between the sale price and the value of a gift

• What a person earns after payroll taxes and other deductions are taken out

• The total amount of debt a country owes

What are Withholdings?

• A tax on any asset that exceeds the yearly amount you can transfer to another person

• A tax on the positive difference between the sale price and the value of a gift

• The portion of an employee’s pay held back to cover taxes and other deductions

• A tax on the purchase of goods or services

What is a Fiscal Year?

• A one-year period that governments or companies use for financial reporting

• A tax on the purchase of goods or services

• The total amount of debt a country owes

• A tax on certain goods that aren’t typically considered a necessity

What is Deficit Spending?

• Spending more than you earn; an economic policy in which the government spends public funds raised by borrowing

• A tax on the purchase of goods or services

• A tax on any asset that exceeds the yearly amount you can transfer to another person

• A tax on the positive difference between the sale price and the value of a gift

What is National Debt?

• A tax on the positive difference between the sale price and the value of a gift

• A tax on certain goods that aren’t typically considered a necessity

• A tax on the purchase of goods or services

• The total amount of debt a country owes to companies and other countries as a result of deficit spending

What is Earned Income?

• A tax on the positive difference between the sale price and the value of a gift

• A tax on certain goods that aren’t typically considered a necessity

• A tax on the purchase of goods or services

• Any income (wages/salary) that is generated by the work someone performs

What is a Wage?

• A tax on the positive difference between the sale price and the value of a gift

• A tax on certain goods that aren’t typically considered a necessity

• A tax on the purchase of goods or services

• Money paid by the hour and for an agreed number of hours per week; especially for unskilled or manual labor

What is Minimum Wage?

• A tax on the positive difference between the sale price and the value of a gift

• A tax on certain goods that aren’t typically considered a necessity

• A tax on the purchase of goods or services

• The smallest amount that employers can legally pay their employees per hour of work

What is a Salary?

• A fixed annual amount earned by an employee, typically paid weekly, biweekly, or monthly

• A tax on certain goods that aren’t typically considered a necessity

• A tax on the purchase of goods or services

• A tax on the positive difference between the sale price and the value of a gift