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WorksheetsFin Lit Unit 3 Review
Total questions: 26
Worksheet time: 13mins
Before buying new shoes, Andre checked his __________ to make sure he had enough money to cover all his monthly expenses.
Budget
Income
Paycheck
Saving
Rent, food, and gas are all examples of regular _______ you must pay for when managing your money.
Expenses
Want
Gross pay
Deduction
Jessica’s job pays her $15 an hour. Her total pay before taxes and deductions is called her_______.
Net pay
Gross pay
Income
Pay period
Money you earn from a job or receive from other sources is called _________.
Income
Budget
Saving
Discretionary spending
Something essential for living, like water, shelter, or healthy food, is a _______.
Want
Need
Expense
Interest on debt
Carlos’ _________is every two weeks, so he gets 26 paychecks each year.
Gross pay
Pay period
Net pay
Budget
After working her shift, Olivia received her ___________, which showed how much she earned and what was taken out.
Income
Paycheck
Saving
Need
The ______________ is a required payment to the U.S. government based on how much money you earn in a year.
Discretionary spending
Federal income tax
Interest on debt
Budget
When Marcus looked at his pay stub, he noticed a _________ labeled “health insurance” that reduced the amount he took home.
Gross pay
Net pay
Deduction
Want
Once all taxes and deductions are taken out, the money you actually take home is called your _______.
Income
Gross pay
Net pay
Expense
A budget can show you how you’re spending your money.
True
False
Usually, a budget does not include money put aside for savings.
True
False
Only people who have checking accounts need a budget.
True
False
A basic budget shows your income and your expenses.
True
False
Groceries, rent, and transportation are common budget categories.
True
False
Why is it important to know if something is a need or a want?
It helps you prioritize spending and avoid overspending on non-essentials.
It lets you earn more money from your employer.
It makes taxes lower automatically.
It guarantees you will never have expenses.
Select all questions that can help you decide whether something is a need or a want.
Can I still function in life without this?
What do I really need?
When does the sale for this product end?
Will something bad happen if I don’t have this?
When creating a budget, why is it important to use net pay instead of gross pay?
Net pay reflects the money available after taxes and deductions.
Gross pay already includes savings and expenses.
Gross pay is always smaller than net pay.
Using net pay increases your earnings.
Match each percentage in the 50/30/20 rule of budgeting to the correct category.
50%
Needs
30%
Wants
20%
Saving
What was Katherine’s GROSS PAY this pay period? Use the earnings statement to answer.
$367.20
$307.62
$59.58
$183.14
What was Katherine’s NET PAY this pay period? Use the earnings statement to answer.
$367.20
$307.62
$59.58
$432.56
How much did Katherine pay in STATE taxes this pay period? Use the earnings statement to answer.
$21.85
$9.64
$22.77
$5.32
How much has Katherine had deducted from her paycheck this entire year so far? Use the earnings statement to answer.
$5,844.81
$6,976.80
$1,131.99
$367.20
Who pays taxes in the U.S., and why do we pay them? Select all correct statements.
Individuals and businesses pay taxes.
Only adults with full-time jobs pay taxes.
Taxes fund government services like schools, roads, and defense.
Select the three main types of federal government spending.
Mandatory Spending
Discretionary Spending
Interest on Debt
Gross Pay
The amount of money that you are paid before taxes are taken out.
Net Pay
The amount of money from your paycheck that you actually take home.
Pay Period
The amount of money you are paid for working a certain amount of time.
Deductions
The amount of money taken out of your paycheck for things like taxes and insurance.
