WorksheetsTest 2: Credit Card and Understanding Paystub
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Gross pay
a)
Take-home pay
b)
Total amount of money before deductions or taxes
c)
Amount after taxes
d)
Net pay after deductions
2.
What is Disposable income
a)
Disposable income is the amount of money that is spent on non-essential items.
b)
Disposable income is the amount of money that households have available for spending and saving after income taxes have been accounted for.
c)
Disposable income is the total amount of money that a person earns in a year.
d)
Disposable income is the amount of money that businesses have available for spending and saving after income taxes have been accounted for.
3.
What is Net pay ?
a)
Net pay is the amount of money an employer pays to the employee before taxes are deducted.
b)
Net pay is the total amount of money an employee earns before any deductions are made.
c)
Net pay is the amount of money an employee receives after all deductions have been added to the gross pay.
d)
Net pay is the amount of money an employee takes home after all deductions such as taxes, insurance, and retirement contributions have been subtracted from the gross pay.
4.
What is Pay Deductions ?
a)
Bonuses added to an employee's paycheck
b)
Amounts subtracted from an employee's paycheck
c)
Health insurance provided by the employer
d)
Overtime pay received by the employee
5.
What is Overtime at a job?
a)
A mandatory break after working a certain number of hours
b)
Regular pay for additional hours worked
c)
Additional hours worked beyond the regular working hours, usually compensated at a higher pay rate.
d)
Time off in lieu of extra hours worked
6.
What is a Paystub?
a)
A paystub is a type of insurance policy
b)
A paystub is a type of tax form
c)
A paystub is a document provided by an employer to an employee, which outlines the employee's earnings and deductions for a specific pay period.
d)
A paystub is a type of bank account
7.
What is Credit?
a)
Credit is the ability to borrow money or access goods or services with the understanding that you'll pay later.
b)
Credit is the ability to borrow money without the obligation to pay it back.
c)
Credit is the ability to access goods or services without the need to pay later.
d)
Credit is the ability to save money for future use.
8.
What is Credit limit?
a)
The credit limit is the maximum amount of credit that a financial institution extends to a client, based on their creditworthiness.
b)
The credit limit is the maximum amount of cash that a financial institution extends to a client
c)
The credit limit is the maximum amount of debt that a financial institution extends to a client
d)
The credit limit is the minimum amount of credit that a financial institution extends to a client
9.
What is a Credit score ?
a)
A credit score is a numerical representation of a person's creditworthiness.
b)
A credit score is a type of loan
c)
A credit score is a form of identification
d)
A credit score is a measure of income
10.
What is Revolving credit
a)
Revolving credit is a type of credit that requires a large down payment
b)
Revolving credit is a type of credit that has a fixed interest rate
c)
Revolving credit is a type of credit that does not have a fixed number of payments.
d)
Revolving credit is a type of credit that is only available to individuals with perfect credit scores
11.
What is a Credit report
a)
A credit report is a summary of an individual's medical history prepared by a hospital.
b)
A credit report is a detailed report of an individual's criminal record prepared by a law enforcement agency.
c)
A credit report is a document that shows an individual's employment history and qualifications prepared by a job placement agency.
d)
A credit report is a detailed report of an individual's credit history prepared by a credit bureau.
12.
What is Finance charges on your credit
a)
Discounts on your credit card purchases
b)
Fees and interest that you have to pay when you carry a balance on your credit card from month to month.
c)
Rewards for using your credit card
d)
Penalties for paying off your credit card balance in full
13.
what is a Credit agency
a)
A credit agency is a company that collects and maintains individual credit information and sells it to lenders, creditors, and consumers in the form of a credit report.
b)
A credit agency is a company that provides loans to individuals and businesses
c)
A credit agency is a government agency that regulates the credit industry
d)
A credit agency is a type of credit card offered by financial institutions
14.
What is Anual Percentage rate (APR)
a)
APR is the total amount of interest paid on a loan
b)
APR is the monthly rate charged for borrowing or earned through an investment
c)
APR is the cost of borrowing money for a day
d)
APR is the annual rate charged for borrowing or earned through an investment, expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
15.
What is Interest?
a)
Interest is a fee paid on borrowed assets.
b)
Interest is the direct profit from sales.
c)
Interest is a mandatory insurance premium on loans.
d)
Interest is a one-time fee for setting up a loan.
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