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Personal Finance1
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) The actual amount of money you take home is?
A
Net Pay
B
Gross Pay
2) The amount of money before taxes taken out is?
A
Net pay
B
Gross Pay
3) State government services are paid for by________.
A
State Income Taxes
B
Federal Taxes
C
Social Security Taxes
4) A document showing an employee’s wages and deductions is an_______.
A
Pay stub
B
Benefit statement
C
Earnings statement
5) __________ goes into a federal program that provides financial support for people who are retired.
A
Federal program
B
Social Security
C
401K
6) Federal government programs and services are supported through_____.
A
Social Security
B
Federal Income Tax
C
State tax
7) FICA represents: Federal Insurance Contributions Act
A
False
B
True
8) A good rule to follow is to take 25% from your gross pay for taxes.
A
True
B
False
9) Dr. Seuss book said that the first banks were churches.
A
True
B
False
10) All of currency PLUS savings deposits, small time deposits( fees imposed if money withdrawn too early), money market mutual funds( minimum withdrawls of $500), and other deposits( limited to serve as a medium of exchange)
A
M2
B
M1
C
MONEY
11) currency, traveler's checks, and checkable deposits( mediums of exchange)
A
MONEY
B
M1
C
M2
12) A represents Accounts L represents Liability I represents Income E represents Expenses= A person's networth.
A
True
B
False
13) The amount borrowed that is still owed on a loan, not including the interest.
A
Intereset
B
Money
C
Principal
D
APR
14) Annual rate at which the consumer is charged for borrowing money.
A
Interest
B
Money
C
Principal
D
APR
15) A bank that offers services to the general public and businesses.
A
Credit Union
B
Commercial Bank
*select an answer for all questions
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