wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Financial Fitness Terms Quiz

Total questions: 23

Worksheet time: 23mins

Name
Class
Date
1.

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?

a)

Sales Tax

b)

Property Tax

c)

Income Tax

2.

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?

a)

property tax

b)

sales tax

c)

income tax

3.

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?

a)

Debit card

b)

credit card

c)

check

4.

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 -

a)

debit card

b)

credit card

c)

EFT-Electronic Funds Transfer

5.

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.

a)

True

b)

False

6.

Net income is the amount of money you earn minus -

a)

property taxes

b)

taxes and insurance

c)

gross income

7.

Karen is trying to get the best credit card with the best APR, (annual percentage rate). Which rate is the best APR?

a)

5.9

b)

1.3

c)

11.4

8.

What type of tax helps fund medicare and social security?

a)

Property Tax

b)

Income Tax

c)

Payroll Tax

9.

John spends different amounts each month when he buys groceries. This expense is called a -

a)

fixed expense

b)

variable expense

c)

taxed expense

10.

The money you earn for doing your job is called -

a)

earnings, wages or income

b)

taxes or expenses

c)

withdrawals

11.

What tax do you get back when you retire or become disabled?

a)

income tax

b)

social security tax

c)

property tax

d)

Sales tax

12.

If you have to pay the same amount every month for a car payment, this expense is called a -

a)

fixed expense

b)

variable expense

c)

changing expense

13.

Groceries, gas for the car and entertainment are considered what type of expenses?

a)

variable expense

b)

payroll expense

c)

fixed expense

14.

A house payment or monthly rent is considered what type of expense?

a)

variable expense

b)

payroll expense

c)

fixed expense

15.

Which is more? Gross income or net income?

a)

gross income

b)

net income

c)

neither, they are equal

16.

To balance a budget, you need to add all the fixed and variable expenses and deduct them from the -

a)

payroll taxes

b)

gross income

c)

net income

17.

If there is extra money left over after all expenses are subtracted from the net income, this is considered a -

a)

deficit

b)

surplus

c)

tax credit

18.

If there is not any money in your bank account, it is acceptable to write a check and hope the bank will pay it.

a)

True

b)

False

19.

EFT stands for:

a)

election funds transmitted

b)

electronic funds transfer

c)

electronic fund tickets

20.

When a money transfer happens between computers at banks communicating with each other, this is called -

a)

a debit card transaction

b)

an EFT

c)

a credit card transaction

21.

A debit card looks like a credit card but it is different because -

a)

it is a paper transaction that must have a signature.

b)

the money is borrowed from a lender.

c)

the money is not borrowed, it is in your bank account

22.

APR or the annual percentage rate is the calculated on the money

a)

you get deducted from your paycheck

b)

you have to pay back to the credit card companies

c)

that is a surplus in your budget

23.

The sales tax on all purchases is always the same, no matter where you live.

a)

True

b)

False