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Basic Financial Literacy Quiz #1 Flashcards | StudBud

Explore/Basic Financial Literacy Quiz #1

Basic Financial Literacy Quiz #1

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Questions 10

Answers

1
401 K retirement plans are for…
your school teachers
employer and employee match contributions
Gerald at the charity fund
tax-exempt organizations
2
Gross and Net Income are the same
False
True
3
Net Income is the...
money thrown into a net and being caught - very handy with the fishermen
amount of money earned by a person after deductions are complete
act of reducing taxes owned
total amount of money earned by a person before deductions are considered
4
Which of the following are not mandatory?
spending money at Chuck-E-Cheese
federal tax
short-term insurance
life insurance
5
FICA deductions are for everyone EXCEPT…
The disabled
The elderly
Healthcare workers
Survivors
6
Enabling taxpayers to deduct certain expenses from taxable income is known as…
itemizing
gross income
taxation without representation
deductions
7
IRA stands for…
Individual Retirement Account
Irreversible Records Accessibility
International Regulations Accounts
8
Paychecks are the amount of money a person earns
False
True
9
Deductions are mandatory from a gross income
False
True
10
Retirement accounts are for being able to earn money even after being retired
False
True