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WorksheetsFinancial Literacy
Total questions: 32
Worksheet time: 57mins
What do we call the amount left over from your paycheck after taxes and deductions?
Balance
Gross salary
Transaction
Net salary
What do we call a fee that is collected for borrowing money from the bank?
Deposit
Interest
Loan
Check
The salary before taxes and deductions is...
Net
Gross
Money paid to the government is...
Budget
Fees
Taxes
Food stamps
Payments that you DO have control over are:
Deductions
Taxes
Expenses
Costs
Money taken AUTOMATICALLY out of your paycheck (which you DO NOT have control over) is...
Gross salary
Net salary
Deduction
Expense
Tom's net salary was $400. His gross salary was $440. How much was taken out for deductions?
$840
$40
$98
$4
Which of the following is a realistic INTEREST RATE for a mortgage?
45%
35%
20%
6%
Which of the following would be a reasonable DOWN PAYMENT for a car that costs $20,000?
$2
$200
$2,000
$15,000
An INTEREST RATE is always written as a...
Decimal (0.25)
Percent (25%)
Dollar amount ($25)
Number (25)
Your vehicle budget should be...
Half of your gross salary
Half of your net salary
1/3 of your net salary
1/3 of your gross salary
If Mrs. Bauer's gross salary is $100,000 then what is her house budget?
P.S. Mrs. Bauer's gross salary is NOT $100,000 :)
$30,000
$300,000
$200,000
$3,000,000
Which number will always be higher:
gross salary or net salary?
Gross salary
Net salary
Which LOAN TERM would make the most sense for a car loan?
24 months
84 months
240 months
360 months
Which LOAN TERM would make the most sense for a car loan?
1 month
6 months
24 months
240 months
Which LOAN TERM would make the most sense for a MORTGAGE?
24 months
60 months
84 months
360 months
Which LOAN TERM would make the most sense for a MORTGAGE?
2 years
20 years
50 years
2 months
How does the government know how much income tax to collect from each employee?
Their salary
Their savings
Their credit score
Their mortgage
If Mrs. Bauer's gross salary is $60,000, what is her budget for buying a vehicle?
$2,000
$20,000
$30,000
$180,000
If Mrs. Watson's gross salary is $600,000, what is her budget for buying a vehicle?
$2,000
$200,000
$20,000
$200
Which of the following are DEDUCTIONS (check ALL that apply):
Taxes
Grocery bills
Retirement fund
Car insurance
Mortgage
Which of the following are EXPENSES (check ALL that apply):
Taxes
Grocery bills
Retirement fund
Car payment
Internet bill
True or false?
The more money that you make, the more money that you pay in taxes.
True
False
True or false?
A loan is free money.
True
False
Why do we pay INTEREST to the bank when we take out a LOAN?
So that the bank can make money
So that we don't steal money
So that we don't forget to pay
Because I said so
True or false?
Deductions and expenses are the same things.
True
False
What is a LOAN TERM?
The amount of time that you have before you have to start paying the loan back
The amount of time that you have to pay back a loan
The amount of time that you have to pay back a loan BEFORE paying interest
The amount of time that you have to choose a loan
You would only make a DOWN PAYMENT if you are...
Paying with a credit card
Taking out a loan
Paying with a debit card
Making a purchase in cash
True or false?
Making a down payment will INCREASE your loan amount.
True
False
What is a mortgage?
A payment to own a home
A payment to rent a home
A payment to own a car
A payment to rent a car
Which group of people might be helped by social security?
Veterans
Teachers
Babies
First responders
How will a down payment affect your loan amount?
It will make your loan amount lower
It will make your loan amount higher
It won't affect your loan amount
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