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WorksheetsFinancial Literacy Review
Total questions: 20
Worksheet time: 29mins
Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying?
Sales Tax
Property Tax
Payroll Tax
Income Tax
Which of the following is an advantage of using a credit card?
Interest is charged for the use of a credit card.
Consumers can purchase things now, and pay for them later in the event of an emergency.
You could be a victim of identity theft.
It is used just like a check.
Credit card purchase:
Pay now?
Pay later?
Debit card purchase:
Pay now?
Pay later?
A paper transaction giving a bank permission to transfer payment from your account to another account is known as a/an _________________________.
Check
Debit Card
Credit Card
Electronic Transfer
What is the difference between gross income and net income?
Gross income is income after deductions, while net income is income before deductions.
Gross income is income taken home, while net income is what you actually get paid.
Gross income is money earned BEFORE deductions, while net income is money earned AFTER deductions.
Gross and net income are both the same thing but with different names.
Ashley wants to use money from her checking account to make a purchase. Which payment method should she use?
credit card
debit card
check
Both a debit card or a check.
______ is withheld from a paycheck and is used to fund government services such as health care, national defense, and scientific programs.
Income tax
Sales Tax
Property Tax
Payroll Tax
Martina’s checks for last month are shown in this table. At the end of the month, Martina was $15 overdrawn at the bank. Which action would BEST help Martina avoid being overdrawn again next month?
Do not give the car payment and take public transportation instead.
Buy more expensive gift for her friends.
Do not pay for insurance until next month.
Reduce the amount of sodas she purchases.
Arturo has an opportunity to buy a video game from his friend for $18. How can Arturo BEST adjust his budget so that he can afford the game?
Do not buy gum and trading cards.
Do not buy lunch at school.
Do not buy movie tickets and gum.
Do not buy popcorn at the movies.
Mauricio bought a house and a ranch. He has to pay taxes on these. What kind of tax does he have to pay?
Payroll Tax
Sales Tax
Income Tax
Property Tax
The total tax an employer withholds is called ____________.
Sales Tax
Income Tax
Payroll Tax
Property Tax
