WorksheetsPersonal Finance and Insurance Concepts
Total questions: 23
Worksheet time: 16mins
If you only have $50, which is the best choice?
Pay your phone bill
Buy a concert ticket
Buy designer sneakers
Go out to eat
Which of these is an example of a fixed expense?
Rent
Concert ticket
Snacks
New clothes
Why is making a budget important?
It helps you plan your spending
It helps you make more money instantly
It allows you to only buy wants
It gets rid of taxes
10. The tax that pays for healthcare for older adults is:
Medicare tax
Social Security tax
Property tax
Sales tax
Which tax pays for retirement and disability benefits?
Social Security
Medicare
State tax
Federal tax
A disadvantage of relying only on SSI benefits is:
Limited income
Unlimited spending money
Always includes free housing
Guaranteed retirement savings
The benefit of having health insurance is:
It helps cover medical expenses.
It guarantees free gym memberships.
It eliminates the need for regular check-ups.
It prevents all illnesses.
What is one of the main benefits of health insurance?
It pays for all entertainment expenses
It helps cover medical costs
It makes you earn more money per hour
It removes the need to pay taxes
Full-time jobs are usually 35–40 hours per week.
True
False
Part-time jobs often offer fewer benefits than full-time jobs.
True
False
What is one advantage of having a full-time job?
More paid benefits
Fewer work hours
No taxes deducted
Unpredictable schedule
Which tax is used to help fund benefits for people with disabilities?
Income tax
Property tax
Sales tax
Social Security tax
Which of the following is considered a benefit often provided by full-time employment?
Unlimited overtime pay
Free concert tickets
Paid vacation days
No work responsibilities
Which tax is specifically used to help pay for healthcare for people age 65 and older?
Sales tax
Medicare tax
Property tax
Income tax
Which of the following is a common benefit provided by employers to full-time employees?
Lottery tickets
Unlimited vacation
Free groceries
Health insurance
What is the main purpose of creating a personal budget?
To manage income and expenses
To avoid paying bills
To increase taxes
To spend more on wants
Which tax is deducted from your paycheck to help fund retirement income for workers?
Excise tax
Social Security tax
Sales tax
Property tax
Which of the following is typically deducted from your paycheck to help fund healthcare for older adults?
Property tax
Excise tax
Sales tax
Medicare tax
What is a common financial benefit of working a full-time job?
Lottery winnings
No work hours required
Free groceries every week
Paid sick leave
Which of these is an example of a variable expense?
Electricity bill
Monthly rent
Health insurance premium
Car payment
Which benefit is commonly offered to employees working full-time?
Paid health insurance
Free movie tickets
Unlimited vacation days
No taxes deducted
What is a primary reason for having Social Security tax deducted from your paycheck?
To fund public schools
To provide retirement and disability benefits
To cover grocery expenses
To pay for road repairs
Which of the following is an example of a variable expense?
Monthly rent
Car payment
Grocery bill
Health insurance premium
