WorksheetsWISE Review: Money
Total questions: 12
Worksheet time: 12mins
Samuel and Mia are discussing what gives U.S. money its value. What is the reason?
Backing by gold
Full faith and confidence in the U.S. government
Backing by silver
Backing by foreign currency reserves
Which department is responsible for collecting federal taxes in the U.S.?
Department of Commerce
Department of Defense
Department of the Treasury
Department of Education
Aiden received a large sum of money unexpectedly. Which of the following is considered windfall income?
Salary from employment
Interest income
Lottery winnings
Rental income
What is a factor that influences income?
Weather conditions
Level of education
Type of car owned
Favorite color
Emma recently started a side business and is wondering what she needs to report to the government for tax purposes. What should she include?
Personal hobbies
Wages, rental income, interest, dividends, lottery, gambling
Grocery expenses
Travel plans
Emma just started her first job and is reviewing her paycheck. What is a mandatory payroll deduction she will see?
Gym membership fees
Social Security (FICA) and Medicare
Magazine subscriptions
Vacation savings
David is reviewing his paycheck and notices several deductions. What are some examples of optional deductions from his gross pay?
Automatic savings, 401(k) contributions, life insurance
Health insurance, vacation pay, sick days
Tuition reimbursement, pension contributions, health insurance
Payday loans, business records, entrepreneurship
Why is it important to know the value of benefits provided by an employer when accepting a job?
To understand the company's profit margins
To evaluate vacation, sick days, and health insurance
To determine the company's stock value
To assess the company's market position
Grace is considering taking out a payday loan to cover unexpected expenses. What is a disadvantage of payday loans?
They are interest-free
They are expensive and prohibited in at least 14 states
They are easy to obtain and have no restrictions
They offer long-term financial solutions
Liam is considering whether to become self-employed or to work as an employee. What is a key difference he should consider?
Self-employed individuals have fixed salaries
Employees have more flexible work hours
Self-employed individuals manage their own business
Employees do not receive any benefits
Kai is considering different ways to save for the future. What is a common reason for individuals like Kai to invest in a 401(k) plan?
To save for retirement with potential employer matching
To fund short-term expenses
To avoid paying any taxes
To increase immediate disposable income
Michael is planning to buy a new car and needs a loan from the bank. What is the primary purpose of a credit score in this scenario?
To calculate annual tax returns
To evaluate job performance
To assess an individual's creditworthiness
To determine eligibility for government benefits
