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Exam (elaborations)

Financial literacy Test Exam Questions and Answers
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  • Course
  • Financial Literacy
  • Institution
  • Financial Literacy

Income - Answer-Any money that you receive Sources of income - Answer-Salary Allowance Money from your birthday Money from selling things Interest earned from a savings account Budget - Answer-A plan for managing your money during a given period of time. Expense - Answer-What you spend...

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Document information

  • October 13, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial literacy test exam questions and answers
  • income answer any money that you receive

Written for

  • Financial Literacy
  • Financial Literacy

Seller

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lectknancy

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Content preview

Financial literacy Test Exam Questions
and Answers
Income - Answer-Any money that you receive

Sources of income - Answer-Salary
Allowance
Money from your birthday
Money from selling things
Interest earned from a savings account

Budget - Answer-A plan for managing your money during a given period of time.

Expense - Answer-What you spend your money on. (Needs and wants)

Fixed, variable, periodic - Answer-Fixed- those that cost the same every time
Variable- fluctuate in amount ( still may be able to estimate cost)
Periodic- expenses not paid all the time( both fixed and variable)

Deductions - Answer-Items subtracted from your paycheck
- taxes
- insurance
- retirement options

Taxes - Answer-Federal income tax- fee collected by the government to support its
programs
State taxes- pays for state services
Social security tax- goes to elderly , disabled and orphaned
Medicare- elderly and disabled

Gross income - Answer-Refers to the total amount of income from your salary prior to
deductions. (Hourly rate x #of hours worked) x 52

Net income - Answer-Take homeboy amount. Money left after all deductions are made
by your employer (net income= gross income - total deductions)

Building a budget - Answer-Lost all money you have coming in
Make categories for all expenses
Subtract total expenses from income

Savings accounts - Answer-Safe place to store money you do not plan on using the
right way
Good for short/ medium term goals
Minimal fees

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