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WorksheetsFinancial Literacy - Income, Employment, and Net Worth
Total questions: 16
Worksheet time: 10mins
Which is the greater amount?
Net income
Gross income
It depends
Net and gross income are the same thing
On a paycheck or paystub, YTD stands for (a)
Which of these are the ways to increase your net worth? (Choose TWO answers!)
Decrease your assets
Increase your assets
Decrease your liabilities
Increase your liabilities
When the bank pays you to use your money (or you pay the bank to use its money), the money paid is called
A paycheck
An asset
Net income
Interest
What is a W-4 tax form for?
Tell your job how much to withhold from your paycheck for taxes
Tell your job how much money you earned at your last job
Tell the government how much you earn at your current job
Tell the government how much money you're paying in taxes
All of us need to pay state and federal (a) , which the government uses to pay for social security, medicare, building roads, public schools, military funding, and more.
Drea's liabilities add up to $40,000. Her assets add up to $60,000. What is Drea's net worth?
-$20,000
-$100,000
$20,000
$100,000
True or False: On average, people with college degrees earn more money in their lifetime than people who don't finish college.
True
False
Which THREE of these answers could cause your net pay on a paycheck to be lower?
Your net worth
Federal taxes
Money deducted for your retirement savings
Money deducted for your gross income
Money deducted to pay for your health insurance
People who claim LESS allowances on their W4 form have MORE money withheld from each paycheck. This means when they pay their taxes in March/April, they will owe the government (a) (more/less) money. They might even get a tax refund if they overpaid!
True or False: When you start a new job, your employer will fill out your W4 form for you.
True
False
Which of these are the THREE ways you can file your taxes?
Hire a CPA (accountant) to help you file
Ask your boss at work to help you file
Buy a computer program to help you file
Fill out the forms yourself and send them to the IRS
Maya makes $10 per hour at her job. She works for 10 hours this week. True or False: Maya's net pay for this week is $100.
True
False
Micah's liabilities add up to $50,000. His assets add up to $20,000. What is Micah's net worth?
-$80,000
-$30,000
$80,000
$30,000
True or False: A house can be both a liability AND an asset
True
False
Some companies might pay their workers a little less money, but they provide paid vacation, gym memberships, health insurance, extra money for retirement, or free meals. These are all examples of...
Assets
Liabilities
Taxes
Benefits
