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WorksheetsGame Of Life
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
_____________ drives the economy.
a)
Borrowing
b)
Spending
c)
Automotive Industry
d)
Interest Rate
2.
Money or credit exchanged for goods, services or financial assets is called a ________________.
a)
transfer
b)
transaction
c)
loan
d)
debt
3.
FICA stands for Federal Insurance Contribution Act and cover social security income when you retire as well as ___________.
a)
medicare
b)
food
c)
taxes
d)
your car
4.
The _________ is simply the sum of the transactions that make it up.
a)
budget
b)
interest rate
c)
economy
d)
central bank
5.
_________ is both an asset to the lender and a liability to the borrower.
a)
Debt
b)
Credit
c)
Money
d)
Interest
6.
A ____________ is all the buyers and all the sellers making transactions for the same thing such as steel.
a)
revenue
b)
purchase
c)
market
d)
cycle
7.
The __________ is in charge of raising or lowering interest rates to help avoid inflation or recession.
a)
President
b)
Central Bank
c)
FBI
d)
Congress
8.
Economic ____________ can occur when interest rates are lowered and borrowing increases.
a)
recession
b)
debt
c)
expansion
d)
cycles
9.
______________ has the biggest impact on what your salary will be paid for each particular type of job.
a)
The length of your resume
b)
The GPA you earned in college
c)
The college you graduated from
d)
The area of the country where you work
10.
It is currently ____________ to buy health insurance.
a)
mandatory
b)
optional
c)
encouraged
d)
wise
11.
Which group of states below do not have an individual income tax?
a)
Alabama, Florida, Virginia
b)
Florida, Texas, Tennessee
c)
Texas, Arkansas, Georgia
d)
Ohio, New York, California
12.
The FICA tax collected from each working individual is _________, but if an individual has an Employer (not self-employed), that employer is paying half that amount for the employee.
a)
15%
b)
7%
c)
6%
d)
10%
13.
Our federal tax system in the US is a ______________ system which means the more dollars you earn the higher your effective federal tax rate is.
a)
flat tax
b)
regressive tax
c)
progressive tax
d)
single tax
14.
The ability of an individual to ________ money each month is dependent on how much that individual earns and how the individual spends money for goods and service that demonstrates good stewardship.
a)
save
b)
spend
c)
earn
d)
lose
15.
_____________ spending refers to any spending that is not required for living month to month, but instead is completely optional spending
a)
discretionary
b)
mandatory
c)
unexpected
d)
non-discretionary
16.
The amount of money spent on gasoline every month can ___________ if you purchase a car that gets less miles per gallon of gas than your previous car.
a)
increase
b)
decrease
c)
remain unchanged
17.
The desire to _______________ comes from the belief that every good and perfect gift is from above and as a Christian you are returning a portion of the income God has generously given you to steward.
a)
make charitable contributions
b)
save money
c)
spend everything we make
d)
be selfish
18.
Our current national debt in the US is over ______________ dollars.
a)
20 million
b)
200 billion
c)
2 trillion
d)
20 trillion
19.
Two basic ways for the government to _____________ is to raise taxes or stimulate or grow the economy.
a)
increase revenue
b)
create inflation
c)
increase debt
d)
show it cares
20.
Most employees receive their salaries as ___________ income which means taxes and health insurance have been subtracted from their paycheck.
a)
gross
b)
net
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