Wages after taxes are taken out

What is direct deposit?

It is when your wages go directly into your bank account

What is the purpose of money?

To serve as a medium of exchange

The US Department of the Treasury has two roles

Printing and minting currency and collecting taxes

US money has value because it is backed by

the full faith and confidence of the US gov't.

Why are payday loans not a good idea?

They charge excessive fees for their service

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WISE FINANCIAL LITERACY QUIZ# 1 - MONEY

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Use this Quiz to help study for your WIDE FINANCIAL LITERACY TEST

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Questions 15

Answers

1
All of the following are typical employee benefits EXCEPT:
Health Insurance
Contributions to a pension plan
Tuition Reimbursement
Car insurance
2
All of the following are mandatory deductions to your payroll check EXCEPT:
Excise taxes
Federal Taxes
FICA
Medicare
3
Who has the power to assess taxes?
The state government
All of the above
The county government
The federal government
4
All of the following are sources of income EXCEPT:
Employment
Rental income
Inheritance
Bounced checks
5
All of the following are sources of income EXCEPT:
Interest Income
Inheritance
Employment
Mortgage expenditures
6
What is the purpose of taxes?
All of the above
To fund our schools
To pay for our defense
To build new roads
7
Which of the following is an EXCISE TAX?
Tax on milk
Tax on beef
Tax on cigarettes
Tax on corn
8
What are net wages?
Wages after taxes are taken out
All wages earned
Wages from garnished earnings
Wages earned by fishermen
9
What is direct deposit?
It is when you send money directly to a depositor
It is when you have to deposit your check directly to a bank
It is when your wages go directly into your bank account
It is when you provide money for debtors
10
What is the purpose of money?
To make checking obsolete
To bring happiness to all
To provide records of past purchases
To serve as a medium of exchange
11
The US Department of the Treasury has two roles
Providing security to the president and raising loan rates
Collecting taxes and issuing licenses
Printing and minting currency and issuing mortgages
Printing and minting currency and collecting taxes
12
What are gross wages?
Wages that smell
Wages that are owed to you for overtime pay
Wages after taxes are taken out
All wages earned
13
All of the following are factors influencing income EXCEPT:
Knowledge and skills
Amount of sunshine
Recession and depression
Level of education
14
US money has value because it is backed by
the full faith and confidence of the US gov't.
Jem stones
gold
silver
15
Why are payday loans not a good idea?
They require a security deposit
They are criminal enterprises
They charge excessive fees for their service
They are not open during work hours

WISE FINANCIAL LITERACY QUIZ# 1 - MONEY Flashcards | StudBud