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Financial Vocabulary Day-1

Total questions: 46

Worksheet time: 1hrs 10mins

Name
Class
Date
1.
Leon earns $15 per hour. He worked 40 hours last week and earned $600. He received a paycheck of $475. What type of tax did he pay?
a)
Payroll Tax
b)
Income tax
c)
Sales tax
d)
Property tax
2.
Kathy received a paycheck for $685 after taxes and deductions. What type of income did she receive?
a)
Net income
b)
Gross income
c)
Payroll income
d)
None of the above
3.
What statement defines gross income?
a)
Gross income is the amount of income after taxes are paid.
b)
Gross income is the amount of taxes paid.
c)
Gross income is the amount of income before taxes are paid
d)
Gross income is the amount of income of buying goods and services
4.
Money you make before taxes...
a)
Gross Income
b)
Net Income
c)
Disposable Income
d)
Discretionary Income
5.
A tax on earned income, paid by the employer out of an employee's paycheck. This tax is used for social security and medicare.
a)
Government tax
b)
Property tax
c)
Payroll tax
d)
Sales tax
6.
The amount of income left after taxes and other deductions are taken out.
a)
Gross Pay
b)
Surplus
c)
Deficit
d)
Net Pay
7.

A place for you to keep money at a bank or credit union


a)

account

b)

credit card

c)

debit card

d)

check

8.

Money that you owe for things like utilities

a)

budget

b)

bills

c)

checking account

d)

account

9.

A signed paper that tells a bank or credit union to give someone a specific amount of money from your account. 


a)

check

b)

deposit

c)

teller

d)

savings account

10.

a card you use to borrow money and make purchases up to a certain limit and then pay it back later with interest. 


a)

credit card

b)

debit card

c)

deposit

d)

checking account

11.

A card that withdraws money from your checking account at a bank or credit union to pay for something. 


a)

debit card

b)

teller

c)

deposit

d)

bills

12.

When you put money into an account at a bank or credit union. 


a)

deposit

b)

budget

c)

account

d)

credit card

13.

An account at a financial institution dedicated to saving and growing money. The account earns interest


a)

savings account

b)

checking account

c)

debit card

d)

deposit

14.
  • Creating a plan for managing income and expenses to meet financial goals.

a)

Investing

b)

Budgeting

c)

Saving

d)

Credit Score

15.
  • Setting aside money for future use or emergencies.

a)

Debt

b)

Insurance

c)

Income

d)

Saving

16.
  • The process of setting aside funds and making financial decisions to ensure a comfortable retirement.

a)

Retirement Planning

b)

Entrepreneurship

c)

Inflation

d)

Mortgage

17.

A payment card that allows the cardholder to borrow funds from a financial institution to make purchases

a)

Credit Card

b)

Debit Card

c)

Check

d)

Cash

18.
  • Money earned from various sources, such as employment, investments, or business activities.

a)

Debt

b)

Expense

c)

Asset

d)

Income

19.
  • A numerical representation of a person's creditworthiness, used by lenders to assess the likelihood of repayment.

a)

Interest Rate

b)

Credit Score

c)

Debt

d)

Insurance

20.

Money spent on goods, services, or bills.

a)

Income

b)

debt

c)

expense

d)

insurance

21.

The difference between a person's assets and liabilities, representing their overall financial worth

a)

Expense

b)

Net Worth

c)

Credit Score

d)

Investing

22.

to put money into an account

a)

withdraw

b)

checking

c)

deposit

d)

interest

23.

bills that are paid to keep a household running

a)

fixed

b)

variable

c)

utilities

d)

liabilities

24.

an amount of money borrowed that will need to be paid back.

a)

loan

b)

interest

c)

principal

d)

withdraw

25.

Items purchased to satisfy needs and wants

a)

goods

b)

liabilities

c)

net worth

26.

An amount available or owed on an account.

a)

Accounts

b)

Balance

c)

Budget

d)

Cash

27.

The physical form of money, such as coins or paper money.

a)

Balance

b)

Budget

c)

Cash

d)

Copay

28.

Obtaining something you want with the understanding you'll pay for it later.

a)

Credit

b)

Debit

29.

An amount removed from your bank account to pay for something.

a)

Credit

b)

Debit

30.

Money earned through work.

a)

withdrawal

b)

expense

c)

deposit

d)

income

31.

A document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes.

a)

budget

b)

transfer

c)

pay stub

d)

net pay

32.

Moving money from one account to another.

a)

deduction

b)

addition

c)

transfer

d)

withdrawal

33.

How many paychecks do you receive in a year if you are paid bi-weekly?

a)

24

b)

26

c)

12

d)

22

34.

If you earn $48,000/yr, what do you earn per month?

(a)  

35.

Your pay BEFORE deductions are taken out

a)

net pay

b)

gross pay

c)

principal

d)

mortgage

36.

Your pay AFTER deductions are taken out

a)

net pay

b)

gross pay

c)

mortgage

d)

principal

37.

Gross pay is...

a)

The amount of pay you receive before taxes

b)

The amount of pay you receive after taxes

c)

The amount of pay you receive if you are a part time employee

d)

The amount of pay you receive if you are a full time employee

38.

True or False: Interest can both cost you money and/or earn you money

a)

True

b)

False

39.

Net pay is...

a)

The amount of pay you receive before taxes

b)

The amount of pay you receive after taxes

c)

The amount of pay you receive if you are a part time employee

d)

The amount of pay you receive if you are a full time employee

40.

True or False: Debit cards immediately pull funds from your checking account to pay your expense.

a)

True

b)

False

41.

What is "risk"?

a)

A chance of loss or harm

b)

Money that is saved

c)

Payments for work done

d)

Difficult to get or find

42.

The amount of money a person or business can borrow.

a)

Interst

b)

Property

c)

Salary

d)

Credit

43.

I am investing in my ____ for when I retire.

a)

Mortgage

b)

Salary

c)

Tax

d)

Pension

44.

Money borrowed that must be repaid

a)

Taxes

b)

Loan

45.

A card that allows people to acquire things from their own savings.

a)

Debit Card

b)

Credit Card

46.

A card that allows people to buy things by taking out a bank loan.

a)

Credit Card

b)

Debit Card