Free Printable Understanding Personal Finance Basics

1.

What is Gross Pay?

a)

The amount of money you take home after all deductions.

b)

The total amount of money earned before any deductions.

c)

The amount of money left after paying all expenses.

d)

The amount of money saved each month.

2.

If your Gross Pay is $3000 and your deductions are$ 500, what is your Net Pay?

a)

$2500

b)

$3000

c)

$3500

d)

$500

3.

Which of the following is a Fixed Expense?

a)

Groceries

b)

Rent

c)

Entertainment

d)

Clothing

4.

Identify the Need from the following options:

a)

New smartphone

b)

Monthly rent

c)

Movie tickets

d)

Designer clothes

5.

Which of the following is considered a Want?

a)

Water bill

b)

Electricity bill

c)

Dining out

d)

Mortgage payment

6.

If your monthly income is $4000 and your monthly expenses are$ 3000, how much can you save each month?

a)

$1000

b)

$3000

c)

$4000

d)

$500

7.

What is the formula to calculate Net Pay?

a)

Gross Pay + Deductions

b)

Gross Pay - Deductions

c)

Gross Pay x Deductions

d)

Gross Pay / Deductions

8.

Which of the following is an example of a Variable Expense?

a)

Car payment

b)

Gym membership

c)

Utility bill

d)

Internet bill

9.

If your Gross Pay is $5000 and your deductions are$ 1200, what is your Net Pay?

a)

$3800

b)

$6200

c)

$5000

d)

$1200

10.

Which of the following is NOT a Fixed Expense?

a)

Mortgage payment

b)

Car insurance

c)

Grocery bill

d)

Rent

11.

What is Income Tax?

a)

A tax on the money you earn.

b)

A tax on the money you spend.

c)

A tax on the money you save.

d)

A tax on the money you borrow.

12.

If you save 20% of your monthly income of $3000, how much do you save each month?

a)

$600

b)

$300

c)

$1500

d)

$200

13.

Which of the following is a deduction from Gross Pay?

a)

Savings

b)

Income Tax

c)

Rent

d)

Groceries

14.

If your Gross Pay is $4500 and your deductions are$ 700, what is your Net Pay?

a)

$3800

b)

$5200

c)

$4500

d)

$700

15.

Which of the following is a Need?

a)

Internet subscription

b)

Designer clothes

c)

Monthly rent

d)

Movie tickets

Understanding Personal Finance Basics

Total questions: 15

Worksheet time: 8mins

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