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WorksheetsFinancial Literacy Quiz #1 ( Lessons 1&2)
Total questions: 20
Worksheet time: 10mins
What is net pay?
The amount of pay earned for the total number of hours worked.
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
The amount of money you're paid before all taxes and deductions are taken out of your paycheck.
Your gross pay plus any bonuses.
Which of the following is NOT a possible tax or deduction that could show up on your paycheck?
State income tax
Contributions to retirement savings
FICA
Sales tax
What is the purpose of the W-4 form?
To file your tax return.
To determine how much your gross pay should be.
To inform your employer of how much federal income tax to withhold from your paychecks.
To avoid paying income taxes on your paychecks.
Your employer sends you a______ form that tells you how much you've made and how much you've paid in taxes in the last year.
1040
W-2
W-4
W-9
What does the W-2 form tell you?
How much you've earned and how much taxes you've paid in the last year.
When to file your tax return.
How much federal income tax your employer will withhold from your paycheck.
How often your employer will be paying you.
What do taxes pay for?
Schools, government departments, roads, and emergency services
Privately-owned businesses
Operation of financial institutions
The gig economy offers_____ _.
the total availability of employment and labor in the economy.
Flexible, short-term, and independent jobs.
An economic system in which assets or services are shared between individuals.
The migration of workers to high-tech jobs.
What do you need in order to fill out your 1040?
Your W-2
Your employer benefits documentation
Your credit card statement
Your job offer
How much you're being paid is the only thing you need to consider when considering a job offer
True
False
Which of the following is NOT considered part of your benefits package available from your employer?
Free technology equipment
Disability Insurance
Paid time off
Healthcare insurance
All of the following may be a part of your benefits package available from your employer, except:
disability insurance
matching contributions to a retirement account
FICA
healthcare insurance
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of_______________ available from your employer.
benefits
pensions
deductions
allowances
Which of the following statements about check cashing companies is TRUE?
They have limited operating hours during the day
They sometimes offer free services.
They charge high fees.
They delay when you can access your cash
Which of the following financial institutions typically have the highest fees?
Check cashing and payday loan companies
Credit unions
Brick-and-mortar banks
Internet banks
Which type of bank account typically offers the least (if any) interest?
Checking account
Savings account
Money market account
Certificate of deposit
A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.
True
False
Which savings account will earn you the most money?
One that compounds interest daily.
One that compounds interest monthly.
One that earns simple interest daily.
One that earns simple interest monthly.
What should you do before you withdraw money from the ATM?
Ask someone nearby for help using the ATM.
Find a hidden ATM so no one will see you withdraw money.
Inspect the ATM to make sure it wasn't tampered with.
Share your pin number with trusted friends so you don't forget it.
A mutual fund is______ _.
A type of debt investment that acts like a loan.
A share of ownership in a company.
A type of investment that invests in a mix of different types of investments.
A type of savings account that pays interest based on current interest rates in the money market.
A stock is_____ _.
A type of debt investment that acts like a loan.
A type of investment that invests in a mix of different types of investments.
A share of ownership in a company.
A type of savings account that pays interest based on current interest rates in the money market.
