Theme 1 Financial Literacy Terms and Concepts

Gross Pay is how much you receive on your paycheck and are able to keep.

What is the tax on imported goods from other countries?

What does FAFSA stand for?

Which is considered an example of a product or service effected by an excise tax?

What tax is used to discourage people from purchasing certain goods and services?

Medicare is used to fund healthcare programs for people age 55 and over

Which might be found at the U.S. Department of Labor website?

What is one difference between a Bachelor’s degree and an Associate’s degree?

Sales tax is:

Of the following life goals, which is typically the most expensive?

What is the tax on profits made by corporations?

Which of the following best describes a certification?

Tariffs are taxes on goods from foreign countries

Which of the following benefits has the potential to earn you the most money?

Which of the following is the biggest tax you pay?

When is the last day you can turn in your taxes?

What is the term for the amount of taxes taken from gross pay resulting in net pay to the employee?

Which item listed is considered a PRE-tax deduction?

What is the tax that the federal government collects when a person dies?

How many years of Post-secondary schooling needs to be completed in order to receive a bachelor's degree?

Social Security is used to fund _______

How many years of Post-secondary schooling needs to be completed in order to receive an associate's degree?

On the FAFSA, what is the IRS Data Retrieval tool?

Which would be considered an unanticipated life expense?

How can people evaluate whether their education, career, and life goals align?

Which is a significant benefit of an apprenticeship?

What tax is used to fund healthcare programs?

What is net pay?

What is the tax that entails the following: the more income or profit a person makes, the higher tax rate they pay?

ALL of the following are taxes taken out of your income: Federal Income, Social Security, 401(k), State income