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Alabama Financial Literacy Test Exam Questions with Complete Answers
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  • Course
  • Financial Literacy
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  • Financial Literacy

The total one gets to "take home" from a paycheck after taxes and deductions are taken out is known as what? - Answer-Net pay Which of the following is the form employers use to determine how much tax do deduct from a paycheck - Answer-w-4 Which of the following is the form an employer provid...

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  • October 12, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • alabama financial literacy test exam questions wit
  • the total one gets to take home from a paycheck

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  • Financial Literacy
  • Financial Literacy

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Alabama Financial Literacy Test Exam
Questions with Complete Answers
The total one gets to "take home" from a paycheck after taxes and deductions are taken
out is known as what? - Answer-Net pay

Which of the following is the form employers use to determine how much tax do deduct
from a paycheck - Answer-w-4

Which of the following is the form an employer provides to an employee to inform them
of how much money was deducted from paychecks in a given year? - Answer-w-2

Which of the following statements best describes gross pay? - Answer-Amount of
money one receives from their job before taxes or other deductions are taken out.

Which of the following will be paid for as part of the escrow funds included in a
mortgage loan? - Answer-Property tax

When seeking to open a bank account, which of the following is needed? - Answer-
Government - issued identification

When one is seeking to purchase a product at a store, what additional cost must be
paid in addition to the listed price of the product? - Answer-Sales tax

Which of the following best describes the concept of APR? - Answer-The credit card
interest rate, calculated on a yearly basis

A certificate of deposite (CD) differs from a traditional savings account in what way? -
Answer-CDs must remain untouched for a fixed period of time

All of the following are advantages of bundling Except what? - Answer-Increases
insurance options

Which of the following investments is characterized by the following traits: Insured by
FDIC or NCUA, Lowest interest rate of all investments, Number of withdrawals per
month may be limited? - Answer-Traditional savings account

What is the term used to describe interest earned on interest gained? - Answer-
Compound interest

Which of the following is a financial institution that handles money, including keeping it
safe for saving or commercial purposes? - Answer-Bank

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