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