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Financial Algebra Vocab Quiz

Total questions: 10

Worksheet time: 5mins

Name
Class
Date
1.

What is income?

a)

Money that is earned as a result of working

b)

Money that is put into a checking or savings account

c)

Money that is taken out of a paycheck for various reasons (I.E. taxes, retirement)

d)

A separate savings account

2.

What are earnings?

a)

A check you receive after working for 2 weeks

b)

Money deposited

c)

Money that you collect

d)

Money left over on a paystub that you are able to spend

3.

What is Gross Income?

a)

A separate checking that allows deposits 24/7

b)

Something that you sign at the bank before you deposit a check

c)

The amount of money before deductions are taken out

d)

The amount of money after deductions are taken out

4.

What is Net Income?

a)

A large net that you can store money in for later on

b)

The amount of money before deductions are taken out

c)

A spreadsheet that you use to keep track of your income

d)

The amount of money made after deductions are taken out

5.

What is a deduction?

a)

Money that is taken out of your gross income

b)

Money that is taken out of your net income

c)

Money that is taken out to save on debt repayments

d)

Money that is taken out to put towards a new XBOX

6.

What is a budget?

a)

A spreadsheet that shows both your net / gross income and what you have spent money on

b)

The most responsible way to spend money

c)

The amount of money you have to spend on expenses for the month

d)

An organized plan for saving money

7.

What is income tax?

a)

Money paid to your employer based on the money you earn

b)

Money paid to the government based on the money you earn (Uncle Sam gets his share)

c)

Money that is paid on retirement, 401k, and other factors on your paycheck

d)

Basically a 20 Dollar Bill

8.

What is payroll tax?

a)

The shoe box Ty Mullins keeps his extra cash in

b)

Money paid to the government based on your earnings

c)

Money you spend to pay for electric, water, sewage, and other household bills

d)

Money an employer withholds from an employee's paycheck

9.

What is property tax?

a)

A portion of the value of items that is paid to a city (House, Land, Pets, etc.)

b)

A portion of the value of your net income that is spent by you

c)

Money added to the cost of items or services

d)

Money that your house is worth when you decide to sell it

10.

What is sales tax?

a)

Money that is added to the cost of items or services

b)

Money that is saved by your employer and given back to you during Christmas time

c)

A portion of the value of items that is paid to a city

d)

Money that is given to you when you donate to charity