WorksheetsFinancial Literacy PT 1 QUIZ
Total questions: 20
Worksheet time: 10mins
What is subtracted out of a paycheck?
Additions
Deductions
Bonuses
Allowances
Which type of deduction is chosen by the worker?
Involuntary
Mandatory
Voluntary
Compulsory
What document provides details about your earnings?
Invoice
Receipt
Paystub
Ledger
What is a way to keep money longer?
Spend
Save
Borrow
Invest
What is a way to put your money to work earning more?
Save
Spend
Invest
Donate
What is the term for pay that you earn before deductions?
Net Pay
Gross Pay
Salary
Wage
What do you need to have in order to earn money?
Vacation
Job
Hobby
Loan
Which type of deduction is not chosen by the worker?
Voluntary
Optional
Involuntary
Selective
What is the term for the amount earned per year?
Wage
Salary
Bonus
Commission
What is used to calculate or prioritize spending?
Budget
Ledger
Invoice
Receipt
What do you do when you don't have enough money and need to make a purchase?
Save
Invest
Borrow
Donate
What is the term for pay that you earn after deductions?
Gross Pay
Net Pay
Salary
Wage
If you earn $15 per hour and work 8 hours, what is your gross pay for the day?
$100
$120
$150
$180
How can you increase your savings over time?
Spend more
Invest wisely
Borrow frequently
Avoid budgeting
Which of the following is a benefit of creating a budget?
Increased spending
Better financial management
Higher taxes
More debt
If your monthly salary is $3,000 and you save 10% each month, how much do you save?
$200
$250
$300
$350
What is the difference between saving and investing?
Saving is riskier than investing
Investing is for short-term goals
Saving is for long-term growth
Saving is keeping money safe, investing is growing money
How can you calculate your hourly wage if you know your weekly earnings and hours worked?
Divide weekly earnings by hours worked
Multiply weekly earnings by hours worked
Subtract hours worked from weekly earnings
Add hours worked to weekly earnings
Why is it important to understand your paystub?
To ignore deductions
To ensure correct payment and understand deductions
To increase your salary
To avoid taxes
What should you do if your expenses exceed your income?
Increase spending
Create a budget to manage expenses
Ignore the problem
Spend more on luxury items
