Money Matters QuizOnline version Test your knowledge on income, wages, and financial terms! Play multiple times to practice all of your money vocabulary. by Cesar Gomez 1 What is the term for money received from a job before taxes? a Pay stub b Rental income c Gross wages d Net pay 2 What do you call the money you take home after deductions? a Paycheck b Earnings c Net pay d Gross wages 3 What document shows your earnings and deductions? a Gross wages b Pay stub or earning statement c Paycheck d Rental income 4 What is the term for money made from renting property? a Wages b Pay stub c Rental income d Net pay 5 What is another term for the money you earn from your job? a Rental income b Paycheck c Net pay d Earnings 6 What is a paycheck? a A tax document b A loan statement c A check you receive from your job to pay you for your work. d A rental agreement 7 Who is the person that works for the boss? a Employer b Employee c Manager d Contractor 8 What do you call the money you receive from your job? a Gross wages b Net pay c Rental income d Wages 9 What is the role of an employer? a The contractor b The employee c The accountant d The boss 10 What is included in gross wages? a Net pay b Take home pay c Rental income d Total earnings before deductions 11 What does IRS stand for? a Internal Revenue Service b Internal Revenue System c Internal Revenue Security d International Revenue Service 12 What is FICA primarily used for? a Local government projects b Federal military funding c State tax funding d Social Security benefits upon retirement 13 Which taxes are mandatory and come from your job income? a Luxury tax b Federal, State, and Local taxes c Sales tax d Property tax 14 What are dependents in tax terms? a Your coworkers b People who rely on you, like children c Your pets d Your friends 15 What do exemptions allow you to do? a Receive a tax refund b Avoid paying taxes entirely c Increase your income d Pay less tax 16 What do payroll deductions include? a Taxes, retirement, and insurance payments b Stock options c Overtime pay d Bonuses and commissions 17 What is the purpose of payroll exemptions? a To reduce the amount of taxes you pay b To avoid all deductions c To pay more taxes d To increase your salary 18 Where do state taxes go? a To international aid b To local charities c To the state government d To the federal government 19 What is a mandatory income tax? a A tax that must be paid by law b A tax only for businesses c A tax that can be avoided d A voluntary contribution 20 What happens to your gross income after payroll deductions? a You lose your job b You pay more taxes c You receive your net income or take-home pay d You get a bonus 21 What is an income tax deduction? a A type of investment account. b A fee for late payments. c Money deducted from your taxes, reducing the amount you owe. d A refund from the government. 22 How do dependents affect your taxes? a The more dependents you have, the less tax you pay. b They have no effect on taxes. c They only affect tax refunds. d They increase your tax rate. 23 What is a tax refund? a A type of income. b Money returned to you if you overpaid your taxes. c A tax you owe to the government. d A fee for filing taxes. 24 What are garnishments? a Tax deductions for dependents. b Money taken from your pay to cover debts like child support. c Refunds from overpaid taxes. d Bonuses from your employer. 25 What does a credit card allow you to do? a Access cash directly from your bank. b Earn interest on savings. c Borrow money to make purchases and pay later. d Pay for items with cash only. 26 How does a debit card work? a It charges fees for every transaction. b It offers cash back rewards. c Money is deducted directly from your checking account. d It allows you to borrow money. 27 What is a gift card? a A card for a specific store with a set amount of money. b A loan from the bank. c A card that earns interest. d A type of credit card. 28 What happens if you don't use a gift card for a long time? a It automatically renews. b You lose the remaining balance. c It becomes a credit card. d You may be charged an inactivity fee. 29 What is a store cash card? a A card that earns rewards. b A type of credit card. c A card for a specific store with a specific amount of money. d A card that can be used anywhere. 30 What is a check? a A loan agreement. b A type of credit card. c A digital payment method. d A piece of paper used to pay instead of cash. 31 What is a money order? a A loan agreement. b A digital currency. c A piece of paper you can buy that is good for a specific amount of money. d A type of credit card. 32 What does electronic transfer refer to? a Transferring money online or through a computer. b Sending cash through the mail. c Using a money order. d Bartering goods. 33 What does it mean to barter? a To borrow money. b To trade instead of buy. c To invest in stocks. d To sell for cash. 34 What is a cashless society? a A society that relies on barter. b A society that uses only gold. c A society that only uses cash. d A society using credit cards, debit cards, checks, and electronic payments instead of cash. 35 What is profit? a The amount invested in stocks. b The total expenses of a business. c The money lost in a transaction. d Money made in a business. 36 What is purchasing power? a The value of investments. b The ability to buy things. c The total income of a household. d The amount of money saved. 37 What is inflation? a A type of currency exchange. b How prices go up over time. c A decrease in wages. d A rise in employment. 38 What does supply and demand refer to? a The number of employees in a company. b Supply is how much you have; demand is how much people want. c The total cost of goods. d The amount of money in circulation. 39 What are employment benefits? a The salary you earn. b The taxes you pay. c The money you invest. d Extra things you get from your job besides money. 40 What are fringe benefits? a The base salary of a job. b The cost of living adjustments. c The bonuses given for performance. d Extra things you get from your job besides money. 41 What is human capital? a Skills, knowledge, and experience that make people valuable. b A measure of physical health. c A type of currency used in trade. d A government program for job training. 42 What does upward mobility refer to? a Achieving a higher education degree. b Rising to a higher social class or status through success. c Changing jobs frequently. d Moving to a new city for work. 43 What is windfall income? a Money saved from budgeting. b Income from investments. c Income from a regular job. d Money received without working, like from gifts or lotteries. 44 What is an inheritance? a Money earned from a job. b A tax refund from the government. c Money given to you from someone who has died. d A loan taken from a bank. 45 What is a gift in financial terms? a Money that is given to someone without expecting repayment. b A loan with interest. c A salary increase. d A bonus from work. 46 What does the life cycle of money refer to? a The process from when money is created to when it is destroyed. b The journey of money through the stock market. c The process of earning money. d The history of currency exchange. 47 What is the role of the United States Treasury Department? a Oversees all money in the U.S., including taxes and coining money. b Regulates the stock market. c Manages the Federal Reserve. d Handles international trade. 48 Who collects taxes in the United States? a The Federal Reserve. b State governments only. c The IRS, which is overseen by the Treasury Department. d Private tax firms. 49 What happens to old dollar bills and coins? a They are taken back and destroyed by the government. b They are stored indefinitely. c They are sold to collectors. d They are recycled into new products. 50 Which of the following is NOT a source of windfall income? a Regular salary from a job. b An inheritance. c A gift from a friend. d Lottery winnings.
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