WorksheetsPersonal Finance
Total questions: 44
Worksheet time: 56mins
"The more you make the more they take" or as your income goes up the percentage of taxes you pay goes up.
Progressive Tax
Proportional Tax
Regressive Tax
None of the Above
As your income goes up, the percentage of income spent of taxes goes down. (Some consider this a "poor" tax"
Progressive Tax
Proportional Tax
Regressive Tax
None of the Above
The FLAT TAX is an example of what type of tax?
Progressive Tax
Proportional Tax
Regressive Tax
None of the Above
A SALES TAX is an example of what kind of tax?
Progressive Tax
Proportional Tax
Regressive Tax
None of the Above
Tax placed on the value of possessions after somebody dies.
Sin Tax
Estate Tax
Excise Tax
Regressive Tax
What tax does everyone have to pay (including criminals, illegal immigrants, etc)
Sales Tax
Income Tax
Proportional Tax
None of the Above
Roughly draw a simple decision making matrix.
If you won the lottery, what would you do with the money?
Pay off any debts for myself or family/friends.
Place half in safe investments to insure I have a stable income for future years.
Buy all the things I always wanted.
Hire a lawyer and financial advisor to help me plan my future.
What does FAFSA stand for? (It is an acronym)
Which of the following information will you need to fill out a FASFA?
Social Security Number
Copy of your Birth Certificate
Federal Income Tax Returns
A Teacher Recommendation Letter
What are some ways to pay for college?
Job
Scholarship
Grant
Family Pay
What are some major financial choices that you might face?
Buying a used versus new car
Deciding between college versus working
Whether to rent or purchase a home
None of the Above
Is money a scarce resource for most people?
Yes
No
What is disposable income?
The total amount of money earned before taxes.
The amount of money a worker makes per hour.
The amount of money left over for spending after tax deductions.
The total amount of money a work is paid by their company per year.
What is an hourly wage?
Money paid for time worked beyond a worker's regular schedule.
The amount of money paid by an employer per hour worked.
The amount of money deducted from a worker's paycheck.
A worker's total annual income.
Which of the following is not a voluntary deduction from your paycheck?
Union Dues
Savings / Retirement Contributions
Social Security / Medicare
Health Insurance
What are some examples of a fixed expenses?
Rent or Mortgage
School Loan Repayment
Car Payment
Holiday Gifts
What are some reasons to invest your money?
Build an emergency fund
Take more risk for possibly more return on investment
Plan for long-term goals
See value increase over time
What are the 3 roles of money?
Unit of Account
Medium of Exchange
Store of Value
Barter and Trade
Which financial institution provides a small loan in return for a portion of an upcoming paycheck?
Bank
Credit Union
Payday Loan
Title Pawn
Which financial institution provides a safe means to store money?
Bank
Credit Union
Payday Loan
Title Pawn
Which financial institution is owned and controlled by its members?
Bank
Credit Union
Payday Loan
Title Pawn
Which financial institution makes loans based on individuals collateral?
Bank
Credit Union
Payday Loan
Title Pawn
Which retirement account do you pay taxes on the money when it comes OUT of the account.
Traditional IRA
Roth IRA
401k
403b
Which retirement account is employee sponsored?
Traditional IRA
Roth IRA
401k
403b
Which retirement account do you pay taxes on BEFORE the money goes in the account?
Traditional IRA
Roth IRA
401k
403b
Which retirement account is for school employees and some non-profit entities?
Traditional IRA
Roth IRA
401k
403b
What are the three C's of Credit?
What is your favorite form of payment?
Cash
Credit Card
Debit Card
Venmo Paypal or Similar App based Payment
Draw an example of why people need insurance.
Insurance protects against... (choose best answer)
Bad things happening
Losing your favorite car
Financial Loss
Breaking a leg
Which soft skill is when workers efficiently organize their work hours to accomplish all objectives with minimal stress?
Work Ethic
Punctuality
Time Management
Teamwork
Which soft skill refers to how seriously one pursues the expectations associated with employment.
Work Ethic
Punctuality
Time Management
Teamwork
Which soft skill refers to how well team members work with each other, support each other, and perform their assigned tasks.
Work Ethic
Punctuality
Time Management
Teamwork
Which soft skill refers to doing the right thing every time?
Work Ethic
Good Character
Time Management
Punctuality
Should Joe or Deon be charged more for monthly auto insurance and why?
Define proportional tax.
Define regressive tax.
Define sales tax.
What are the three "C's" of Credit?
What does insurance protect against?
What is a Roth IRA?
What is a Traditional IRA?
What is an Income Tax?
