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Financial Literacy Review
Financial Literacy Review
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7th Grade Financial Literacy Unit Review
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
If the Social Security tax rate is 1.45%, how much would be withheld from a gross pay of $217?
$3.15
$3.14
$31.47
$31.46
2
What is a budget?
when you spend more than you have
a monthly expense
a plan to manage income and expenses
A rental car company
3
Which activity do you burn more calories...sleeping or watching TV?
Watching TV
Sleeping
4
Which of the following is not a tax that is withheld from earnings?
social security tax
medicare tax
income tax
sales tax
5
Which of the following is considered a liability?
monthly gym membership fee
credit card balance
value of a car
retirement account
6
Gross pay is...
amount of money you earn before deductions
IDK
amount of money earned after deductions
something nasty obviously
7
Jan's subtotal on her receipt from Macy's was $12.14. How much sales tax did she pay?
(8.25%)
$100.16
$1.01
$100.15
$1.00
8
Define net income...
amount of money you receive after deductions
your family's net worth statement
income tax
amount of money before deductions
9
Tax that provides retirement, disability, & survivor benefits for workers or their dependents.
Medicare Tax
Sales Tax
Social Security Tax
Income Tax
10
What animal is unable to move for 15 minutes when flipped upside down?
Kangaroo
Penguin
Horse
Shark
11
What are expenses?
the expendables
items that are too expensive
it is also called net income
things that you pay for
12
What is 7.25% represented as a decimal?
0.00725
0.725
0.0725
7.25
13
Which of the following is not considered a deduction taken from the gross pay?
Medicare Tax
Savings
Health Insurance Premium
Liabilities
14
Which of the following expenses is considered a
Fixed Expense
?
Entertainment
Rent
Food
Nail Salon
15
Which of the following is considered a variable expense?
insurance
mortgage
car payment
groceries
16
How many siblings does Ms. Carter have?
2
1
3
4
17
How do you find a family's net worth?
Total Liabilities - Total Assets
Total Assets - Total Liabilities
Total Assets + Total Liabilities
18
Which of the following is
NOT
funded by sales tax collected by the government?
Highways
Shopping Malls
Prisons
Hospitals
19
How do you find a family's net worth?
Total Assets - Total Liabilities
Total Assets - Monthly Expenses
Gross Income - Deductions
Total Assets - Total Deductions
20
What are fixed expenses?
expenses that remain the same each month
expenses that vary from month to month
expenses that depend upon your monthly salary
expenses that adjust from month to month
21
Who created the term "nerd"?
J.K. Rowling
Dr. Seuss
Thomas Jefferson
Johnny Depp
22
How do you calculate a person's net income?
Gross Pay - Deductions
Gross Pay - Net Income
Gross Pay - Salary
Net Income + Deductions
