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Financial Literacy
Test Description: Financial Literacy
Instructions: Answer all questions to get your test result.
1) Something spent; a payment for goods or services?
A
Expenses
B
Money
C
Cash
D
Credit
2) A formal record of transactions made by an individual, business, or organization (put in a ledger)?
A
Notebook Paper
B
Recording
C
Financial Record
D
Statement
3) A book used to record financial transactions, especially as a final record?
A
Ledger
B
Record Book
C
Phone Book
D
Notebook
4) The exchange of money between two parties?
A
Payment
B
Transaction
C
Deal
D
Pass The Cash
5) Money available AFTER all deductions are taken?
A
Gross Salary
B
Salary
C
Income
D
Net Salary
6) Total money available BEFORE all deductions are taken?
A
Salary
B
Money
C
Gross Salary
D
Net
7) A tax deducted from a paycheck that includes Social Security and Medicare taxes?
A
Death Tax
B
Addendum Tax
C
Sales Tax
D
Payroll Tax
8) A plan for using money, usually for a month or a year?
A
Budget
B
Savings
C
Sock Drawer
D
Checking Account
9) Secure payment made on the internet?
A
Pass The Cash
B
Electronic Payment
C
Credit Card
D
Payment by Mail
10) Money paid to the federal government based on an individual's income?
A
Sales Tax
B
Income Tax
C
Net Tax
D
Insurance Tax
11) A card used to pay for goods or services where the money is immediately taken from the cardholder's bank account?
A
Business Card
B
Credit Card
C
Social Security Card
D
Debit Card
12) A card used where you buy things on credit and pay it back?
A
Debit Card
B
Social Security Card
C
Business Card
D
Credit Card
13) A tax paid on retail products (goods or services); a set percentage of the cost?
A
Sales Tax
B
Income Tax
C
Death Tax
D
Employment Tax
14) A tax paid yearly to the local government based on the value of the land and its structures?
A
Death Tax
B
Sales Tax
C
Employment Tax
D
Property Tax
15) A small table or chart used to track deposits added and expenses taken from an account?
A
Check Book
B
Notebook
C
Cash Register
D
Register
16) A budget in which your total expenses are not more than your total income?
A
Balanced Budget
B
Total Budget
C
Previous Budget
D
Planned Budget
*select an answer for all questions
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