Money Matters Quiz

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Test your knowledge on income, wages, and financial terms! Play multiple times to practice all of your money vocabulary.

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Cesar Gomez

United States

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Money Matters Quiz

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Money Matters Quiz


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.

Money Matters Quiz

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Money Matters QuizOnline version

by Cesar Gomez

What is the term for money received from a job before taxes?

What do you call the money you take home after deductions?

What document shows your earnings and deductions?

What is the term for money made from renting property?

What is another term for the money you earn from your job?

What is a paycheck?

Who is the person that works for the boss?

What do you call the money you receive from your job?

What is the role of an employer?

What is included in gross wages?

What does IRS stand for?

What is FICA primarily used for?

Which taxes are mandatory and come from your job income?

What are dependents in tax terms?

What do exemptions allow you to do?

What do payroll deductions include?

What is the purpose of payroll exemptions?

Where do state taxes go?

What is a mandatory income tax?

What happens to your gross income after payroll deductions?

What is an income tax deduction?

How do dependents affect your taxes?

What is a tax refund?

What are garnishments?

What does a credit card allow you to do?

How does a debit card work?

What is a gift card?

What happens if you don't use a gift card for a long time?

What is a store cash card?

What is a check?

What is a money order?

What does electronic transfer refer to?

What does it mean to barter?

What is a cashless society?

What is profit?

What is purchasing power?

What is inflation?

What does supply and demand refer to?

What are employment benefits?

What are fringe benefits?

What is human capital?

What does upward mobility refer to?

What is windfall income?

What is an inheritance?

What is a gift in financial terms?

What does the life cycle of money refer to?

What is the role of the United States Treasury Department?

Who collects taxes in the United States?

What happens to old dollar bills and coins?

Which of the following is NOT a source of windfall income?