WorksheetsPersonal Financial Literacy Retake
Total questions: 10
Worksheet time: 33mins
Name
Class
Date
1.
Money you receive after taxes is called:
a)
gross income
b)
net income
c)
salary
d)
pay day
2.
Money you receive before taxes is called:
a)
gross income
b)
net income
c)
pay day
d)
bank loan
3.
When you own a house, what type of tax do you pay on it?
a)
income tax
b)
sales tax
c)
property tax
d)
payroll tax
4.
Which type of tax is taken directly out of your paycheck?
a)
payroll tax
b)
income tax
c)
paycheck tax
d)
sales tax
5.
Which type of tax do you pay once a year on any money you've earned (job, lottery, etc)?
a)
payroll tax
b)
income tax
c)
sales tax
d)
property tax
6.
Pam wants to buy a sticker book for $32. She saves $5 each week. Which statement is true?
a)
She will have enough money if she saves for 5 weeks
b)
She will have enough money if she saves for 7 weeks
c)
She will have enough money if she saves for 10 weeks
7.
Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?
a)
Gross Income
b)
Net Income
c)
Both Gross and Net Income
d)
None of the above
8.
Amarise's salary has a net income of $235 per week. If she pays $30 in income tax and $15 in payroll tax, how could Juliette determine her gross income? Why?
a)
235 – 30 – 15 = $190 Net income minus all deductions equals gross income.
b)
235 + 15 = $250 Net income plus payroll tax deductions equals gross income.
c)
235 + 30 = $265 Net income plus income tax deductions equals gross income.
d)
235 + 30 + 15 = $280 Net income plus all deductions equals gross income.
9.
Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck?
a)
Anthony should save $30 from each paycheck.
b)
Anthony should save $20 from each paycheck.
c)
Anthony should save $10 from each paycheck.
d)
Anthony should save $5 from each paycheck.
10.
Jenny just received her first paycheck. She noticed that after they deducted $30 for payroll taxes and $60 for medical insurance. Her net pay was $320. How much did Jenny make before the deductions were removed from her gross pay?
a)
$230
b)
$410
c)
$320
d)
$140
100 %
