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WorksheetsBasics of Banking
Total questions: 11
Worksheet time: 6mins
Pay periods can be weekly, bi-weekly, twice a month (like the 15th and 30th of every month), or monthly
True
False
Tax withheld from your paycheck that goes to pay for the US Interstate Highways, US armed forces, and Congress salaries
Federal Tax
State Tax
Social Security Tax
Medicare
Tax withheld from your paycheck that goes to pay for local bridges, roads, parks, police salaries, and teacher salaries
Federal Tax
State Tax
Social Security Tax
Medicare
Tax withheld from your paycheck that goes to pay for medical insurance for retired American citizens
Federal Tax
State Tax
Social Security Tax
Medicare
Amount of money you earn before withholdings
Pay period
Net pay
Gross pay
Allowances
Amount of money deposited into your bank account after withholdings and deductions. Also known as "take home pay"
Pay period
Net pay
Gross pay
Allowances
Financial literacy means having the skills and knowledge to make effective and informed decisions when you... (select all that apply)
Spend
Donate
Depreciate
Invest
Save
Becoming financially literate is only important to professional athletes
True
False
Why are professional athletes filing for bankruptcy? (select all that apply)
poor investment choices
identity theft
overspending
they just don't understand their finances
no worker's compensation for in-game injuries
Whether you open a savings account or sign up for a credit card, you always want to make sure the interest rates for both are high. The higher, the better
True
False
How do banks earn their money?
high initial bank account opening fees
allocating customers' money for daily expenses and company's money for quarterly bills
lending money at higher interest rates than what they are paying out for savings accounts
circulating printed money into the economy and keeping a percentage for daily operations
