Financial Literacy Quizs

What is a Deductible?

• The amount paid out of pocket before insurance pays.

• A type of insurance policy that covers all expenses.

• The total amount of money an insurance company pays for a claim.

• A fee charged by the insurance company for processing claims.

What is Payroll Tax?

• Taxes taken directly from employee wages.

• A tax on company profits.

• A tax on goods and services sold.

• A tax on capital gains.

What is Revenue?

• Money earned from selling goods or services.

• Money spent on production costs.

• Money received from investments.

• Money allocated for marketing expenses.

What is State Income Tax?

• Money taken from earnings to support state government services.

• A tax on property owned by individuals or businesses.

• A fee charged for using state highways and roads.

• A tax on sales of goods and services.

What is Gross Pay?

• The total amount of money earned before any deductions are taken out.

• The amount of money received after taxes and deductions.

• The total amount of money earned in a year.

• The amount of money an employee takes home after bonuses.

What is Profit?

• Money left after expenses are subtracted from revenue.

• Total income before any expenses are deducted.

• The amount spent on producing goods or services.

• The difference between total sales and total costs.

What are Retained Earnings?

• Profits kept in the business for future use.

• Dividends paid to shareholders.

• Total revenue generated by the company.

• Expenses incurred during the fiscal year.

What is Risk?

• The chance of losing money due to unexpected events.

• A method to increase profits in business.

• A strategy to avoid financial losses.

• A type of insurance policy.

What is Net Pay?

• The total earnings before any deductions.

• The amount of money received after all deductions (also called take‑home pay).

• The amount of money paid in taxes.

• The gross income before any expenses.

What is Taxable Income?

• The portion of income that is subject to taxes.

• All income earned by an individual.

• Income that is exempt from taxation.

• Income that is not reported to the IRS.