Worksheetsqizzizz
Total questions: 43
Worksheet time: 22mins
Name
Class
Date
1.
How do you build credit?
a)
By opening a credit card, making on-time payments, and keeping credit utilization low.
b)
By never using a credit card
c)
By maxing out credit cards and missing payments
d)
By ignoring credit reports and scores
2.
What are dependents?
a)
Individuals who rely on someone else for financial support
b)
Those who do not rely on anyone else for support
c)
Individuals who are financially independent
d)
People who live independently
3.
What are 4 ways a business can net a lower profit in order to pay fewer taxes?
a)
Increasing expenses, taking advantage of tax credits, investing in tax-deferred accounts, and utilizing tax deductions
b)
Not investing in tax-deferred accounts
c)
Ignoring tax credits
d)
Decreasing expenses
4.
What types of mutual funds are there?
a)
Cryptocurrency, precious metals, collectibles
b)
Stocks, bonds, commodities, real estate
c)
Equity funds, debt funds, balanced funds, index funds, and sector funds
d)
Savings accounts, checking accounts, money market accounts
5.
How does putting money in a bank benefit you?
a)
Earn interest and keep money safe
b)
No benefit at all
c)
Lose money and risk theft
d)
Increase the chance of bankruptcy
6.
What is a savings account?
a)
A savings account is a type of bank account that only allows you to withdraw money once a year
b)
A savings account is a type of bank account that charges a fee for every deposit made
c)
A savings account is a type of bank account that does not earn any interest on the deposited funds
d)
A savings account is a type of bank account that allows you to deposit money, earn interest on the funds, and withdraw the money when needed.
7.
What are some types of taxes every Americans have?
a)
Water tax, gas tax, and internet tax
b)
Healthcare tax, education tax, and transportation tax
c)
Entertainment tax, vacation tax, and pet tax
d)
Income tax, sales tax, property tax, and payroll tax
8.
What are dependents?
a)
Individuals who rely on someone else for financial support
b)
People who live independently
c)
Individuals who are financially independent
d)
Those who do not rely on anyone else for support
9.
What are W-4's?
a)
Recipes for making waffles
b)
Instructions for assembling a wardrobe
c)
A type of vitamin supplement
d)
Tax forms for indicating withholding preferences
10.
What are W-2's
a)
Receipts for grocery purchases
b)
Tickets for public transportation
c)
Tax forms detailing annual wages and taxes withheld
d)
Records of medical expenses
11.
What is a 1040?
a)
Tax form
b)
Recipe for a dessert
c)
Name of a mountain
d)
Type of car
12.
What is revenue?
a)
Profit from investments
b)
Income generated from the sale of goods or services
c)
Money spent on expenses
d)
Cost of goods sold
13.
What are expenses?
a)
Money earned from sales
b)
Assets owned by a company
c)
Liabilities of a business
d)
Costs incurred in the process of generating revenue
14.
What does the Internal Revenue Service (IRS) do?
a)
Collect taxes and enforce tax laws
b)
Manage national parks
c)
Enforce traffic laws
d)
Provide free money to citizens
15.
Why would you owe money at tax time?
a)
Overpaying taxes throughout the year
b)
Not filing taxes on time
c)
Insufficient tax withholding
d)
Receiving a tax refund
16.
You receive refund money at tax time if...
a)
you have received a raise at work
b)
you have not filed your taxes
c)
you have overpaid your taxes throughout the year
d)
you have underpaid your taxes throughout the year
17.
What are 4 reasons "withholding's" need to be adjusted?
a)
Changes in weather, tax deductions, personal preferences, and hobbies
b)
Changes in education, tax refunds, social activities, and friends
c)
Changes in job, tax credits, family traditions, and pets
d)
Changes in income, tax laws, personal circumstances, and dependents
18.
What is a business taxed on?
a)
Income, profits, or revenue
b)
Customer satisfaction
c)
Amount of office space
d)
Number of employees
19.
What equation does a business use to determine profit?
a)
Profit = Total Revenue x Total Costs
b)
Profit = Total Revenue - Total Costs
c)
Profit = Total Revenue + Total Costs
d)
Profit = Total Revenue / Total Costs
20.
What are two ways a business can increase profit?
a)
By decreasing sales and increasing expenses
b)
By increasing sales and reducing expenses
c)
By maintaining the same level of sales and expenses
d)
By ignoring sales and expenses
21.
What is 401k?
a)
A new social media platform
b)
A type of car engine
c)
A popular video game
d)
A retirement savings plan sponsored by an employer.
22.
Why do businesses sell off pieces of ownership in the company?
a)
To avoid making a profit
b)
To decrease the value of the company
c)
To raise capital for expansion, investment, or to reduce debt
d)
To give away ownership to employees as a benefit
23.
The goal in stock is to,"Buy______, sell_______."
a)
high, low
b)
low, high
c)
sell, buy
d)
hold, trade
24.
With a 401k, who sets it up and what are the benifits?
a)
Employers, tax advantages, potential matching contributions
b)
Government, high fees, no tax advantages
c)
Employees, no tax advantages, no matching contributions
d)
Financial advisors, no retirement savings, no tax advantages
25.
With a traditional IRA, who sets it up and what are the benefits?
a)
The employer sets it up and the benefits include early withdrawal penalties
b)
The government sets it up and the benefits include high fees
c)
The bank sets it up and the benefits include no tax advantages
d)
The individual sets it up and the benefits include potential tax deductions on contributions and tax-deferred growth of investments.
26.
What is a checking account?
a)
A checking account is a type of investment account for buying stocks and bonds.
b)
A checking account is a type of bank account that allows you to easily access your money for everyday transactions.
c)
A checking account is a type of retirement savings account.
d)
A checking account is a type of credit card used for making purchases.
27.
What is simple interest
a)
Simple interest is a type of complex mathematical equation
b)
Simple interest is the same as compound interest
c)
Simple interest is a quick method of calculating the interest charge on a loan.
28.
What is compound interest
a)
Simple interest
b)
Interest earned on a single deposit
c)
Interest that does not accumulate over time
d)
Compound interest
29.
What is gross pay
a)
Amount after taxes
b)
Net amount after deductions
c)
Total amount of money before deductions or taxes
d)
Total amount after deductions
30.
What is debt?
a)
A legal document that grants ownership of property
b)
A type of investment that generates income for the investor
c)
An obligation to repay money or something of value borrowed from another party.
d)
A form of currency used in ancient civilizations
31.
What does stock quote represent?
a)
Historical price and other irrelevant information about a particular stock
b)
The CEO's personal phone number
c)
The number of employees working for the company
d)
Current price and other relevant information about a particular stock
32.
What is stock?
a)
A type of soup made with meat and vegetables
b)
Ownership of a corporation represented by shares
c)
A piece of wood used for cooking
d)
A type of fabric used for making clothes
33.
What is a banking account?
a)
A type of sandwich served at a deli
b)
A financial account maintained by a bank for a customer.
c)
A type of tree found in the Amazon rainforest
d)
A form of exercise popular in the 1800s
34.
A slip that you fill out to put money in the bank.
a)
Withdrawal slip
b)
Loan slip
c)
Deposit slip
d)
Check slip
35.
A percentage paid to a lender for the use of borrowed money.
a)
dividend
b)
interest
c)
principal
d)
fee
36.
Get out of _______.
a)
there
b)
now
c)
this place
d)
Debt
37.
Most Americans are debt free
a)
true
b)
False
38.
any income can build wealth
a)
true
b)
false
39.
What is income tax?
a)
A tax imposed on individuals or entities based on their income or profits.
b)
A tax imposed on property ownership
c)
A tax imposed on vehicle registration
d)
A tax imposed on sales of goods and services
40.
Who pays interest on a loan?
a)
Credit card company
b)
Government
c)
Borrower
d)
Lender
41.
To measure the stock market as a whole people look to
a)
weather patterns
b)
stock market indices
c)
individual stock prices
d)
sports scores
42.
Bad credit can affect your ability to
a)
borrow money, get a loan, or secure a mortgage
b)
improve your credit score
c)
receive lower interest rates
d)
qualify for a credit card
43.
Amount of money originally borrowed
a)
Interest amount
b)
Loan amount
c)
Total amount
d)
Principal amount
100 %
