Money and Income
What does gross pay mean?
A. Money after taxes
B. Total money earned before taxes
C. Money saved
D. Overtime earnings
Answer: B - Total money earned before taxes
What account is used for everyday spending?
A. Savings
B. Investment account
C. Checking
D. Retirement account
C) Checkings account
What is a budget?
A. A list of random expenses
B. A plan for earning money
C. A monthly plan of income and expenses
D. A type of receipt
C. A monthly plan of income and expenses
A need is…
A. Something fun
B. Something nice to have
C. Something necessary to live
D. Something for vacations
C. Something necessary to live
What percent goes to needs?
A. 10%
B. 20%
C. 30%
D. 50%
D. 50%
What does net pay mean?
A. Money before taxes
B. Money you take home after taxes
C. Extra bonus pay
D. Money from tips only
Answer: B) Money you take home AFTER taxes
What account is mainly for saving money?
A. Checking
B. Credit card
C. Savings
D. Loan account
C. Savings
Why should you create a budget?
A. To spend more money
B. To make sure you don't run out of money
C. To avoid having a bank account
D. To stop working
B. To make sure you don't run out of money
A want is…
A. Something required for survival
B. Something you wish to have to improve quality of life
C. Something free
D. Something you hate
B. Something you wish to have to improve quality of life
What percent goes to wants?
A. 30%
B. 50%
C. 20%
D. 10%
A. 30%
What is the minimum wage in California?
A. $10
B. $12
C. $15
D. $20
Answer: C) $15
True or False: A bank stores money and gives loans.
A. True
B. False
A. True
Which is a fixed expense?
A. Clothes
B. Entertainment
C. Rent
D. Eating out
C. Rent
A new phone is an example of a:
A. Need
B. Want
C. Fixed expense
D. Emergency
B. Want
What percent goes to savings/debt?
A. 10%
B. 20%
C. 30%
D. 50%
B. 20%
When do you receive overtime pay?
A. When you work exactly 8 hours
B. When you take a lunch break
C. When you work more than 8 hours
D. When you call out sick
C) When you work more than 8 hours
Which action can you do through a mobile banking app?
A. Borrow someone’s credit card
B. Transfer money
C. Apply for a passport
D. Buy groceries
Answer: B) Transfer money
Which is a flexible expense?
A. Phone bill
B. Car insurance
C. Rent
D. Groceries
D. Groceries
Medication is an example of a:
A. Want
B. Luxury
C. Need
D. Gift
C. Need
True or False: 50% of your money should go to wants.
A. True
B. False
B. False - 50% of your money should go to NEEDS.
Which is NOT a pay schedule?
A. Weekly
B. Biweekly
C. Semi-monthly
D. Hourly
What is direct deposit?
A. Paychecks mailed to your house
B. Money delivered as cash
C. Employer sends paycheck directly to your bank
D. Picking up checks at work
C. Employer sends paycheck directly to your bank
When creating your budget, what should you do first?
A. Buy things you want
B. Pay bills first or set aside money for bills
C. Spend money on entertainment
D. Go shopping to “treat yourself”
B. Pay bills first or set aside money for bills
True or False: You should buy a Nintendo Switch instead of paying rent.
False.
Which is a “need”?
A. Haircut for fun
B. New video game
C. Rent
D. Concert tickets
C. Rent