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Finance and Income Vocabulary

Total questions: 13

Worksheet time: 7mins

Name
Class
Date
1.

What is the term for the following definition: the amount you earn before taxes and other payroll deductions?

a)

Gross Income

b)

Net Income

c)

Disposable Income

d)

Taxable Income

2.

What is the term for the following definition: what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay?

a)

Net Income

b)

Gross Income

c)

Disposable Expenses

d)

Taxable Allowance

3.

What is the term for the following definition: the portion of an employee’s pay held back to cover taxes and other deductions?

a)

Withholdings

b)

Gross Pay

c)

Net Pay

d)

Bonuses

4.

What is the term for the following definition: a one-year period that governments or companies use for financial reporting?

a)

Fiscal Year

b)

Calendar Month

c)

Quarterly Cycle

d)

Business Day

5.

What is the term for the following definition: spending more than you earn; an economic policy in which the government spends public funds raised by borrowing rather than by taxation?

a)

Deficit Spending

b)

Balanced Budget

c)

Fiscal Surplus

d)

Monetary Policy

6.

What is the term for the following definition: the total amount of debt a country owes to companies and other countries as a result of deficit spending?

a)

National Debt

b)

Gross Domestic Product

c)

Trade Surplus

d)

Fiscal Policy

7.

What is the term for the following definition: any income (wages/salary) that is generated by the work someone performs?

a)

Earned Income

b)

Passive Income

c)

Investment Income

d)

Gift Income

8.

What is the term for the following definition: money paid by the hour and for an agreed number of hours per week; especially for unskilled or manual labor?

a)

Wage

b)

Salary

c)

Commission

d)

Bonus

9.

What is the term for the following definition: the smallest amount that employers can legally pay their employees per hour of work?

a)

Minimum Wage

b)

Overtime Pay

c)

Gross Income

d)

Commission

10.

What is the term for the following definition: a fixed annual amount earned by an employee, typically paid weekly, biweekly, or monthly?

a)

Salary

b)

Wage

c)

Commission

d)

Bonus

11.

What is the term for the following definition: money earned on a regular basis with little or no effort required to maintain it?

a)

Passive Income

b)

Active Income

c)

Gross Income

d)

Disposable Income

12.

What is the term for the following definition: income from an investment sold at a higher price than you paid for it?

a)

Portfolio Income

b)

Earned Income

c)

Passive Income

d)

Interest Income

13.

What is the term for the following definition: a representation (on paper) of stocks, bonds, currencies, mutual funds, etc.?

a)

Paper Asset

b)

Physical Asset

c)

Digital Asset

d)

Real Estate