wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Personal finance

Total questions: 68

Worksheet time: 36mins

Name
Class
Date
1.

How does the tax system work?

a)

tax payers pay more incremental tax as they earn more income

b)

tax payers pay less incremental tax as they earn less income

2.

Types of Tax Americans pay

a)

sales tax

b)

income tax

c)

property tax

d)

estate tax

e)

all of the above

3.

Where does the money go?

a)

Police, Parks, signs, Roads

b)

people in the community

c)

government

4.

Where does the money go?

a)

Police, Parks, signs, Roads

b)

people in the community

c)

government

5.

Define progressive tax

a)

People who earn more income are taxed at a lower percent than those earning less

b)

People who earn more income are taxed at a higher percent than those earning less

c)

Tax that gets added on as the year goes on

6.

What is expenses

a)
Assets owned by an individual or organization
b)
Income earned by an individual or organization
c)

outgoing money for costs

d)
Money saved by an individual or organization
7.

Define income

a)

Incoming money earned

b)
Money or earnings received from gifts or inheritances only.
c)
Money or earnings received from investments only.
d)
Money or earnings received from a single source.
8.

What does the IRS do

a)
The IRS is responsible for issuing driver's licenses.
b)
The IRS provides healthcare services to the public.
c)
The IRS regulates the stock market.
d)
The IRS collects taxes and enforces tax laws.
9.

Define W-2

a)
A W-2 is a tax form used by employers to report an employee's annual wages and the amount of taxes withheld from their paycheck.
b)
A W-2 is a form used by employees to report their annual wages and taxes paid.
c)
A W-2 is a tax form used by employers to report an employee's annual salary.
d)
A W-2 is a form used by employers to report an employee's annual wages and the amount of taxes owed.
10.

Define W-4

a)

tells employer how much money to withhold from paycheck

b)

retirement plan

c)

helps with W-2

d)

Savings account

11.

Define W-4

a)

tells employer how much money to withhold from paycheck

b)

retirement plan

c)

helps with W-2

d)

Savings account

12.

define 1040

a)

shows all income and deductions see if you owe or get money.

b)

taxes

c)

money you pay

d)

money you get from your pay check

13.

Define What paycheck is

a)
A paycheck is a form of payment issued by an employee to an employer for the work performed during a specific pay period.
b)
A paycheck is a type of loan given by a bank to an individual for personal expenses.
c)
A paycheck is a form of payment issued by an employer to an employee for the work performed during a specific pay period.
d)
A paycheck is a document that certifies an individual's eligibility for government benefits.
14.

Define what tax withheld is

a)
Amount of money paid by an employer to an individual for income taxes
b)

part of pay you don't get sent straight to gov as taxes

c)
Amount of money paid by an individual to their employer for income taxes
d)
Amount of money paid by an individual to the government for income taxes
15.

Why would you owe money at tax time

a)
Filing taxes late
b)
Not reporting all income
c)

The amount that your employer witheld and already paid in taxes

d)
Claiming too many deductions
16.

You receive refund money at tax time if......

a)
owed taxes
b)
didn't file a tax return
c)
received a tax credit
d)
overpaid taxes
17.

What is one of 4 reasons witholdings need to be adjusted

a)

Marital status

b)
Incorrect calculations
c)
Changes in employment status
d)
Changes in filing status
18.

what is deduction

a)

amount that can be subtracted from your income before calculating tax

b)

money givin to you

19.

give 3 examples of deductions

a)
Education expense deductions
b)
Medical expense deductions
c)
Sales tax deductions
d)
Income tax deductions, business expense deductions, charitable contribution deductions
20.

What are dependents

a)
Individuals who rely on someone else for financial support
b)
Individuals who are self-reliant
c)
Individuals who provide financial support to others
d)
People who are financially independent
21.

What is a tax table

a)

to show how much tax you should have paid for the year

b)

to show how much tax you should have paid for the month

c)

to show how much tax you get back

22.

A buisness taxed on what

a)

profit

b)

employers

23.

Define Revenue

a)

total amount of income to the buisness

b)

total amount of taxes to the buisness

24.

Define expenses

a)

money paid out for the cost of doing buisness

b)

money given to you

25.

Define what profit is

a)
Loss incurred from expenses
b)
Break-even point
c)
Non-financial gain exceeding expenses
d)
Financial gain exceeding expenses
26.

what are to ways a business can increase profit

a)
Increasing revenue and increasing costs
b)
Reducing revenue and reducing costs
c)

sell more products

d)
Decreasing revenue and increasing costs
27.

What does insurance do

a)
Causes unexpected events or losses
b)
Provides emotional support during unexpected events
c)
Increases the likelihood of unexpected events or losses
d)
Provides financial protection against unexpected events or losses.
28.

Why do people choose to purchase insurance

a)
To protect themselves from financial loss
b)
To have something to complain about
c)
To support the insurance company
d)
To show off to others
29.

Insurance protects everything i own and

(a)  

30.

What can you insure

a)

home

b)

health

c)

pets

d)

Pens

31.

what is an Insurance Policy

(a)  

32.

What is the insurance premium

a)
The price of a new insurance policy
b)

The amount you pay for the policy to be in effect

c)
The cost of repairing a damaged vehicle
d)
The amount of money saved in a bank account
33.

what is a benificiary

a)

person who receives the money for life insurance

b)
A type of vehicle
c)
A type of fruit
d)
A type of clothing
34.

what is a benificiary

a)

person who receives the money for life insurance

b)
A type of vehicle
c)
A type of fruit
d)
A type of clothing
35.

define deductible

a)
The amount of money that a policyholder pays after their insurance company pays expenses
b)
The amount of money that a policyholder receives from their insurance company
c)

a specific amount your policy makes you pay before the insurance company gives any money

d)
The amount of money that a policyholder pays before purchasing an insurance policy
36.

What is coverage

a)

Maximum amount you can receive in benefits if you do have a claim for a coverage gives any money

b)
The process of reporting news stories by a journalist
c)
The amount of money paid by an insurance company
d)
The act of covering something with a material
37.

What is risk

a)

probability of an insured situation actually occurring

b)
The sound a dog makes
c)
A type of fruit
d)
The color of the sky
38.

What is a claim

a)
A type of insurance policy
b)
A mathematical equation
c)
A type of legal document
d)

official request made to the insurance company to notify them that a covered event has occurred and you want money

39.

What is term

a)

protection over something

b)

time period that the policy covers

40.

What types of insurance are there

a)

Life,health

b)

Auto, home

c)

property, home

d)

disaster, misc

41.

Casualty insurance protects you from...

(a)  

42.

What is home owners insurance

a)
Insurance for renters to cover losses and damages to their apartment and belongings.
b)
Insurance for car owners to cover losses and damages to their vehicle.
c)
Insurance for business owners to cover losses and damages to their commercial property and assets.
d)

buy a policy and pay into it consistently in case of a loss of home, property,or any liability claim related to home

43.

The three subcategories for homeowners insurance are ​

a)
Car insurance, health insurance, and life insurance
b)

Structure, Belongings, and liability

c)
Flood insurance, earthquake insurance, and pet insurance
d)
Renter's insurance, landlord insurance, and commercial property insurance
44.

What is a Rider in personal finance

a)

Add on clause you tack on to a policy to add more than basic package offers

b)
A term for someone who uses public transportation
c)
A person who rides horses professionally
d)
A type of bicycle
45.

Types of car insurance coverage

a)

collision,liability,comprehensive, personal injury protection,uninusred motorist coverage

b)
Health insurance
c)
Life insurance
d)
Home insurance
46.

What are ways to keep auto insurance costs low

a)
Ignoring traffic laws and getting multiple tickets
b)
Filing frequent insurance claims for minor damages
c)
Choosing the most expensive insurance plan available
d)

good driving,increase deductible shop around, bundle with home insurance

47.

What are ways to keep auto insurance costs low

a)
Ignoring traffic laws and getting multiple tickets
b)
Filing frequent insurance claims for minor damages
c)
Choosing the most expensive insurance plan available
d)

good driving,increase deductible shop around, bundle with home insurance

48.

Is it legally required of you to have auto insurance in most states

a)

Yes

b)

No

49.

How does life insurance work

a)
Life insurance offers discounts on travel and entertainment
b)
Life insurance provides a monthly income to the insured person
c)
Life insurance pays for the insured person's medical expenses
d)

You pay your regular premiums for your policy and in return the insurance company will give money to your beneficiary when you die during the term

50.

What is term life insurance

a)
Term life insurance only covers medical expenses
b)
Term life insurance is only available for people over 65 years old
c)
Term life insurance provides coverage for a lifetime
d)

Less expensive, only in effect for a certain time period, and money is gone if you don't die during the set term

51.

What is whole life insurance

a)

more expensive, includes song term savings all the money you put in over the years is not lost or gone at the end if you dont die

b)
Car insurance
c)
Health insurance
d)
Term life insurance
52.

What is whole life insurance

a)

more expensive, includes song term savings all the money you put in over the years is not lost or gone at the end if you dont die

b)
Car insurance
c)
Health insurance
d)
Term life insurance
53.

what is health insurance

a)
Health insurance is a type of life insurance
b)
Health insurance is a type of car insurance
c)

you pay regular premiums and in return the insurance company will give money ti beneficiary when you die during the term

d)
Health insurance is a type of home insurance
54.

What does health insurance cover

a)
Health insurance covers only cosmetic procedures
b)
Health insurance covers pet care expenses
c)
Health insurance covers all expenses except medical care
d)

Sickness,injury, and preventative care

55.

What is the number one cause of bankruptcies in the U.S

a)

Medical bills

b)
Not saving enough money
c)
Eating too much fast food
d)
Winning the lottery
56.

what is insurance fraud

a)
Being honest with the insurance company
b)
Helping the insurance company with their investigations
c)
Reporting a legitimate claim
d)

illegal deception with the goal of financial gain

57.

Why do Americans take on debt

a)

so they can pay for homes,vehicles, and other large expenses

b)
To impress others with their wealth
c)
To increase their credit score
d)
To save money and avoid spending
58.

Why do Americans take on debt

a)

so they can pay for homes,vehicles, and other large expenses

b)
To impress others with their wealth
c)
To increase their credit score
d)
To save money and avoid spending
59.

What is bad debt

a)

starts as fine debt and are mismanaged or they have high/ variable interest rates

b)
Valuable contribution
c)
Profitable asset
d)
Good investment
60.

What is credit

a)
A type of debit card
b)
The amount of money in a bank account
c)
The process of saving money
d)
Ability to obtain goods or services before payment
61.

What are the 3 "C"s lenders look at

a)
candy, cars, and computers
b)
cats, coffee, and cake
c)
credit, capacity, and collateral
d)
car, cash, and clothing
62.

How can you build credit

a)
By using a credit card responsibly, making on-time payments, and keeping credit card balances low.
b)
By opening multiple credit cards and accumulating high balances
c)
By ignoring credit card bills and avoiding making payments
d)
By maxing out credit cards and making late payments
63.

what are the pros and cons of renting a home

a)
Pros: stability, low maintenance costs, cons: limited options, equity building
b)
Pros: no commitment, no maintenance costs, cons: limited control, no financial benefits
c)

Pros: can be cheaper monthly, good if temporary cons: limited control, no equity building

d)
Pros: no flexibility, high maintenance costs, cons: unlimited control, equity building
64.

Pros of buying a home

a)
Renting a home is a better option
b)
Homes are a bad investment
c)
You can't make changes to a home you own
d)

you own it at the end, can make changes or renovate it

65.

What is appreciation

a)
Forgetting the value or quality of something
b)

increasing value overtime. Gold stocks oil and land

c)
Ignoring the value or quality of something
d)
Disregarding the value or quality of something
66.

What is depreciation

a)
Increase in the value of an asset over time
b)
The process of adding value to an asset over time
c)
The total value of an asset at a given point in time
d)

Decrease in the value of an asset over time. Phone furniture, purse, clothes vehicles.

67.

what is a subsidzed student loan

a)
A loan with no interest
b)
A loan with high interest rates
c)
A loan that requires immediate repayment
d)
A type of loan where the government pays the interest while the student is in school or during other authorized periods of deferment.
68.

what is a unsubsidized student loans

a)
Loans with no interest
b)
Private loans offered by the government
c)

interest starts accuring while youre in college, right when you get loans

d)
Loans that do not require repayment

Similar Resources on Wayground

9°Ano 3°Bimestre

71 questions

9°Ano 3°Bimestre

quiz

Worksheet

•

8th Grade - University

PETA PITA PRAMUKA

70 questions

PETA PITA PRAMUKA

quiz

Worksheet

•

10th Grade

LAS FRACCIONES: CONCEPTOS PREVIOS

71 questions

LAS FRACCIONES: CONCEPTOS PREVIOS

quiz

Worksheet

•

10th Grade

Parts of Speech Review

71 questions

Parts of Speech Review

quiz

Worksheet

•

3rd Grade - University

Maria Danilewicz Zielińska - życie i twórczość

70 questions

Maria Danilewicz Zielińska - życie i twórczość

quiz

Worksheet

•

1st Grade - University

TRY OUT PENDIDIKAN PANCASILA KELAS X

65 questions

TRY OUT PENDIDIKAN PANCASILA KELAS X

quiz

Worksheet

•

10th Grade - University

KUIZ PENDIDIKAN ISLAM AKHIR SESI 2024

73 questions

KUIZ PENDIDIKAN ISLAM AKHIR SESI 2024

quiz

Worksheet

•

4th Grade - University

Principles of Education Fall Semester Exam

73 questions

Principles of Education Fall Semester Exam

quiz

Worksheet

•

9th - 12th Grade