WorksheetsFinancial Literacy
Total questions: 24
Worksheet time: 42mins
A deduction is
gross income
money added to your income
net income
money taken out of your income
Net income is:
the total amount of money you earn
the amount of money you receive after deductions are subtracted from your gross income
the amount of money that is taken away in the form of taxes
the hourly rate of pay
Gross income is:
the total amount of money you earn
the amount of money you receive after decuctions are subtracted
the total amount of money you spend
sales taxes on items you buy
Which of these is NOT an example of property tax?
Tax paid on the value of a farm a person owns
Tax paid on the value of a piece of land a person owns
Tax paid on the value of a piece of furniture a person owns
Tax paid on the value of a home a person owns
Income Tax
Sales Tax
Payroll Tax
Property Tax
Nick delivers pizza for extra money while he finishes high school. He earns about $60 on a typical night. What kind of tax will Nick have to pay on what he earns delivering pizzas?
Income Tax
Sales Tax
Payroll Tax
Property Tax
Cheyenne works 15 hours a week at the movie theater. She earns $8 an hour. Which statement about her weekly income is true? Hint: $15 x 8 = $120
Her net income is more than $120.
Her gross income is less than $120.
Her net income is less than $120.
Her gross income is more than $120.
Income Tax
Sales Tax
Payroll Tax
Property Tax
David's gross income: $127.25
David's deductions: $25.20
David's net pay: ?
$102.05
$102.45
$112.05
$152.45
Wanda's net income for the month of April was $2,438. The table shows her April budget except for an amount in the "Other" category. What amount, in dollars and cents, should be in the "Other" category in order for Wanda's April budget to be balanced?
(a)
Yvonne's gross income: ?
Yvonne's deductions: $251.18
Yvonne's net income:$451.82
$703
$200.64
$954.18
$25,812.00
Rohan's father is an architect and is paid by his clients for the blueprints he draws for them. When he added the money from all the clients, he figured that he made $54,000 last year. What is the name of the tax that Rohan's father will pay on his earnings?
Income Tax
Payroll Tax
Property Tax
Sales Tax
So far this month Nancy has the recorded the expenses and income shown in the chart. Nancy wants to buy some music online but also has a balanced budget. Based on Nancy's current budget, what is the greatest amount of money she can spend on music?
$10
$35
$140
$5
Leroy's planned expenses go ABOVE his income. He earned $3,410 last month. Which action would BEST help Leroy balance his budget?
Do not go to the movies
Do not pay the electric bill.
Do not pay the monthly rent.
Do not buy groceries.
What are some items that people usually owe money for and go into debt?
Big purchases like furniture and cars
Candy from the gas station.
Pencils.
Washing detergent.
What is investing in a car by creating a fund to save money to purchase when you get your license a wise or unwise investment?
wise
unwise
A payment from banks or the use of (customers') money.
spending
interest
wealth
checking
A person who has a car can AVOID having the car repossessed by
Having the car serviced
Driving carefully until loan is repaid
Taking a driver's education course
Making payments in full by the due date
If a person has a credit score of 780, he/she is more likely to
Be charged a lower interest rate for a loan
Be charged no interest for a loan
Need to have at least 2 credit cards to get a loan
Need proof of home ownership to get a loan
The cost of borrowing money is commonly referred to as the
Rate of inflation
Interest rate
Time value of money
Introductory rate
A recent high school graduate was denied $5,000 car loan. The graduate has a better chance of being approved for a loan by:
applying for a loan from the Federal Deposit Insurance Corporation (FDIC)
applying for a loan from the Securities and Exchange Commission (SEC)
having a person with a good credit score cosign for the loan
requesting a larger loan than is actually needed
Which of the following is an example of a typical deduction taken out of your gross pay?
state and federal income taxes
social security tax
health insurance premium
all of the above
