Personal Financial Literacy

Question 1

Payroll Taxes

Answer 1

Help fund Social Security & Medicare

Question 2

Sales Taxes

Answer 2

Help fund roads, bridges, public libraries, parks, and schools

Question 3

Income Taxes

Answer 3

Help fund education & technology

Question 4

Property Taxes

Answer 4

Help fund road construction/maintenance, police/firefighter salaries

Question 5

Gross Income - Taxes/Deductions = ___________

Answer 5

Net Income

Question 6

Gross Income - Net Income = _________

Answer 6

Taxes/Deductions

Question 7

Net Income + Taxes/Deductions = _______

Answer 7

Gross Income

Question 8

Net Income + Taxes/Deductions = _______

Answer 8

Gross Income

Question 9

Balanced Budget

Answer 9

Income = Expenses

Question 10

To balance a simple budget, ______ ____ ____ _____________ _______ _____!

Answer 10

always take from entertainment (wants) first!

Question 11

Increase income (funds available) by:

Answer 11

Work an additional job

Take out a loan

Question 12

Needs/Fixed Expenses:

Answer 12

Car Note, House Note (Mortgage), Most Bills, Insurance, Utilities, etc.

These usually stay the same each month.

Question 13

Wants/Variable Expenses:

Answer 13

Entertainment, Eating out at Restaurants, Money for Clothes, etc.

These usually change each month.