NEW
Font size
WorksheetsFinancial Fitness Terms Quiz
Total questions: 23
Worksheet time: 23mins
Shelly went shopping and noticed the amount she had to pay was $1.39 more than the toy she was buying. What type of tax did she have to pay?
Sales Tax
Property Tax
Income Tax
The Smiths got a bill in the mail for $5,087. They had recently purchased a new piece of land out in the country. What type of tax were they being billed for?
property tax
sales tax
income tax
Jill was shopping and she filled out and signed a paper allowing her bank to pay the amount of the purchase. What method of payment did she use?
Debit card
credit card
check
When you decide to buy something using a small plastic card and promise to pay the company back at a later date you are using a -
debit card
credit card
EFT-Electronic Funds Transfer
In order to have a balanced budget you need to make sure your fixed and variable expenses exceed or are more than your net income.
True
False
Net income is the amount of money you earn minus -
property taxes
taxes and insurance
gross income
Karen is trying to get the best credit card with the best APR, (annual percentage rate). Which rate is the best APR?
5.9
1.3
11.4
What type of tax helps fund medicare and social security?
Property Tax
Income Tax
Payroll Tax
John spends different amounts each month when he buys groceries. This expense is called a -
fixed expense
variable expense
taxed expense
The money you earn for doing your job is called -
earnings, wages or income
taxes or expenses
withdrawals
What tax do you get back when you retire or become disabled?
income tax
social security tax
property tax
Sales tax
If you have to pay the same amount every month for a car payment, this expense is called a -
fixed expense
variable expense
changing expense
Groceries, gas for the car and entertainment are considered what type of expenses?
variable expense
payroll expense
fixed expense
A house payment or monthly rent is considered what type of expense?
variable expense
payroll expense
fixed expense
Which is more? Gross income or net income?
gross income
net income
neither, they are equal
To balance a budget, you need to add all the fixed and variable expenses and deduct them from the -
payroll taxes
gross income
net income
If there is extra money left over after all expenses are subtracted from the net income, this is considered a -
deficit
surplus
tax credit
If there is not any money in your bank account, it is acceptable to write a check and hope the bank will pay it.
True
False
EFT stands for:
election funds transmitted
electronic funds transfer
electronic fund tickets
When a money transfer happens between computers at banks communicating with each other, this is called -
a debit card transaction
an EFT
a credit card transaction
A debit card looks like a credit card but it is different because -
it is a paper transaction that must have a signature.
the money is borrowed from a lender.
the money is not borrowed, it is in your bank account
APR or the annual percentage rate is the calculated on the money
you get deducted from your paycheck
you have to pay back to the credit card companies
that is a surplus in your budget
The sales tax on all purchases is always the same, no matter where you live.
True
False
