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Financial Literacy
Financial Literacy
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Financial literacy for middle school
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
Choose an item that is paid for by federal taxes.
Oak Park Police
Oak Park schools
Food Stamps
Oak Park library
2
Which is NOT a fixed monthly expense?
doctor bills
rent
car repairs
gasoline
3
Amount of income remaining after all deductions have been taken out of your pay.
Gross Income
Income Tax
Take Home Pay
Medicare
4
A budget can include
charitable giving
paying yourself first
debt payments
all of these
5
Which of the following is NOT a type of deduction from a paycheck?
Medicare
State Income Tax
Property Tax
Federal Income Tax
6
What is the money charged on top of a loan called?
Loan Term
Interest
Principal
7
Funds that the state and federal government collect to pay their bills are known as
FICA
Taxes
Charity
Deductions
8
When choosing a career, you should consider your
Abilities
All of these
Interests
Values
9
Goals that can be accomplished in less than a year.
Short term goals
Long term goals
10
Which is a monthly expense that may change?
credit card payments
rent
car insurance
student loan payment
11
Which is a tactic a store will use to get you to buy more things.
All of these
free samples
Limited editions
upgrades
12
A tax on earnings from wages, salaries, tips and interests is
a sales tax
a property tax
an income tax
a medical tax
13
Why should people invest?
Saving for retirement
All of these
Achieving financial goals
Earn money by doing no physical labor
14
What is a credit score?
A number that shows your credit risk and how likely you will pay them back
A number that tells you how much money you can spend
A number that shows how good you are at math
A number that tells you how old you are
15
Making a purchase based on an immediate want or due to the pressure of advertising.
Long-term Goals
Impulse Buying
Fixed Expenses
Investing
16
Which of the following is NOT a need?
water
food
clothing
cell phone
17
Goods or services that are not necessary for survival.
fixed expenses
needs
variable expenses
wants
18
The total pay earned before any deductions are taken.
Gross Income
Social Security
Net Income
Medicare
19
Choose an item paid for by state taxes.
Interest payments on National Debt
FBI
Social Security
Percy Julian Middle School
20
A plan for managing your money.
fixed expense
variable expense
budget
goals
21
What causes your credit score to increase?
All of these
Length of credit history
On time payments
Different types of credit
22
What DOES NOT affect the stock market?
Your grade on a science test
Company performance
Supply & Demand
Cost of goods & labor
