Financial Vocabulary Quiz
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Question 1 |
Our _______________ is $36,000/year, but after taxes we only take home about $24,000.
net income | |
credit rating | |
gross income |
Question 1 Explanation:
Gross income (n.) = salary before taxes. Net income (n.) = salary after the taxes and other contributions to the government are removed.
Question 2 |
I'd like to buy a house, but I can't ______________ it on my teacher's salary.
default | |
tip | |
afford |
Question 2 Explanation:
afford (v.) = to have enough money to do something or to buy something.
Question 3 |
The company's managers receive an ______________ bonus equal to 50% of their normal monthly salary.
affordable | |
annual | |
owed |
Question 3 Explanation:
annual (adj.) = once per year.
Question 4 |
In restaurants in New York City, it's common to leave a 20% _____________ for good service.
fee | |
tip | |
wage |
Question 4 Explanation:
tip (n.) = extra money given as thanks for a service. "Tip" can be a verb or a noun ("leave a tip"). In the U.S., it's common to tip waiters/waitresses, taxi drivers, hairstylists, food delivery people, hotel bellhops (the person who carries your bags), hotel room service, and furniture delivery.
Question 5 |
Paying the balance on your card every month helps you get a good _________________.
credit rating | |
tax | |
net income |
Question 5 Explanation:
credit rating = the evaluation of a person's credit risk based on their history of paying off debts
Question 6 |
Applicants to many colleges and universities in the United States have to pay an application ____________. This helps pay for the administrative processing of the documents.
wage | |
tax | |
fee |
Question 6 Explanation:
fee (n.) = a payment required for some services
Question 7 |
Most countries have laws establishing a minimum ______________ for low-level jobs.
wage | |
tax | |
mortgage |
Question 7 Explanation:
wage (n.) = salary
Question 8 |
After decades of financial struggles, the company finally went _______________.
annual | |
bankrupt | |
debt |
Question 8 Explanation:
bankrupt (adj.) = unable to meet financial obligations. Both people and companies can "go bankrupt."
Question 9 |
My grandfather receives a _______________ every month because he served in the military for 30 years.
net income | |
tip | |
pension |
Question 9 Explanation:
pension (n.) = a fixed salary paid to retired people, helping them survive in their old age without having to work.
Question 10 |
The __________ of the average American family has risen thanks to the widespread use of credit cards rather than cash to make purchases.
wage | |
debt | |
gross income |
Question 10 Explanation:
debt = money owed to the lender
Question 11 |
That dentist is so expensive - he _____________ me $400 for a simple cleaning!
charged | |
afforded | |
owed |
Question 11 Explanation:
charge (v.) = ask for payment for a product or service.
Question 12 |
I _________ my friend $500. I borrowed the money last month for an emergency.
pay | |
afford | |
owe |
Question 12 Explanation:
owe (v.) = to have an obligation to pay back money borrowed.
Question 13 |
When he _____________ on his payments, the bank took his car.
afforded | |
charged | |
defaulted |
Question 13 Explanation:
default (v.) = fail to meet financial obligations
Question 14 |
____________ help pay for public roads, schools, and hospitals.
Taxes | |
Mortgages | |
Pensions |
Question 14 Explanation:
taxes (n.) = money collected by the government for the maintenance of public services. Taxes are applied to both individuals and companies.
Question 15 |
It took us 30 years to pay off the ___________ on our house.
pension | |
fee | |
mortgage |
Question 15 Explanation:
mortgage = money borrowed for buying a property
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There are 15 questions to complete.
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