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Stuff Every Teen Should Know About Money

Money basics for teens: earning, saving, banking, credit, taxes and avoiding scams.

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  1. At a new job, what does Form W-4 tell your employer?
    Show the answer

    How much federal income tax to withhold from your pay. The W-4 is how you tell your employer how much tax to take out of each paycheck. Work eligibility is the I-9, and your pay rate comes from your employer.

  2. After you are hired, how long does an employer have to finish its part of Form I-9?
    Show the answer

    Three business days. Form I-9 shows you can legally work in the US. You fill in your part at the time of hire, and the employer checks your documents and finishes Section 2 within three business days.

  3. On Form I-9, which part do you, the new employee, fill out at the time of hire?
    Show the answer

    Section 1, Employee Information. You complete Section 1 and sign it when you are hired. Then you show the employer documents proving your identity and permission to work, and the employer completes Section 2.

All 112 practice questions

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Show all 112 questions
  1. At a new job, what does Form W-4 tell your employer?
  2. After you are hired, how long does an employer have to finish its part of Form I-9?
  3. On Form I-9, which part do you, the new employee, fill out at the time of hire?
  4. What is the pay you actually take home after taxes and deductions called?
  5. FICA taxes on your paycheck fund which two programs?
  6. What percent of your wages does an employee pay for Social Security tax?
  7. What percent of your wages does an employee pay for Medicare tax?
  8. Money your employer takes from your pay and sends to the government for your taxes is called what?
  9. What is a minimum wage?
  10. Federal law sets what general minimum age for most non-farm jobs, with exceptions for some jobs at 14?
  11. Federal law sets what minimum age for jobs declared particularly hazardous?
  12. On a school day, how many hours may a 14 or 15 year old generally work?
  13. In a week when school is in session, how many hours may a 14 or 15 year old generally work?
  14. Outside of summer, between which hours may a 14 or 15 year old generally work?
  15. Which of these counts as earned income?
  16. What is a gig?
  17. What is direct deposit?
  18. What is a payroll card?
  19. A common money rule says to save what share of what you earn?
  20. Which expense is a good use of an emergency fund?
  21. What is the main reason to build an emergency fund?
  22. What does 'pay yourself first' mean?
  23. Saving $100 a year from age 14 at 5 percent grows to about how much by age 65?
  24. What does a savings account generally pay you?
  25. Which account is meant for everyday deposits, bill paying and withdrawals?
  26. A certificate of deposit (CD) usually has what two fixed features?
  27. For a goal within a year or two, where does the CFPB say money is safe?
  28. What is inflation?
  29. You spend $40 on a game instead of saving it. What is the opportunity cost?
  30. FDIC insurance covers at least how much per depositor, per bank, per ownership category?
  31. Which of these is NOT covered by FDIC deposit insurance?
  32. Since 1933, how much FDIC-insured money has a depositor lost because of a bank failure?
  33. Bills that must be paid each month and cost about the same are called what?
  34. Which of these is a need rather than a want?
  35. A budget is also called what?
  36. When you pay with a debit card, whose money are you spending?
  37. What is an overdraft?
  38. With mobile banking, what can you generally deposit using your phone?
  39. A bank may hold a deposit longer than one business day if the account is younger than how old?
  40. If you report a lost debit card within two business days, you owe at most how much for unauthorized charges?
  41. After your statement shows an unauthorized withdrawal, how soon should you notify your bank?
  42. After you report an unauthorized transaction, how long does a bank or credit union generally have to investigate?
  43. Mobile payment apps like P2P services are safest used with whom?
  44. Where can you report an online scam involving a payment app, according to the CFPB?
  45. What is the safest way to handle your debit card PIN?
  46. Who owns a credit union?
  47. What is an easy way to make saving automatic?
  48. If an employer matches 401(k) contributions, what does the CFPB say is smart?
  49. In most cases, how much can you spend with a prepaid card?
  50. Most credit scores fall in which range?
  51. What is the number one factor in most credit scores?
  52. How long can most negative information stay on your credit report?
  53. How long can a bankruptcy stay on your credit report?
  54. At AnnualCreditReport.com, how often can you get your free credit reports now?
  55. What happens to your credit score when you check your own credit report?
  56. A credit score is calculated from information in what?
  57. Under 21, what does a card issuer generally require to give you your own credit card?
  58. If a thief uses your lost credit card, the most you owe is how much?
  59. Experts advise using no more than what share of your credit limit?
  60. How often do many credit card companies calculate the interest you owe?
  61. On a credit card, what is the grace period?
  62. What does a variable APR do?
  63. What does being "credit invisible" mean?
  64. Applying for lots of credit in a short time can make lenders think what?
  65. Compound interest is interest paid on what?
  66. $100 earning 5 percent compounded yearly grows to about how much in 10 years?
  67. What does owning a share of stock give you?
  68. How often have large company stocks lost money, on average?
  69. What is a bond?
  70. If interest rates rise, what may happen to selling an older, lower-rate bond?
  71. An index fund tries to do what?
  72. What does diversification mean in investing?
  73. As the risk of an investment rises, what do investors generally want?
  74. You owe 18 percent on a credit card and want to invest. What is generally better?
  75. With a Roth IRA, when do you pay tax on the money you put in?
  76. With a traditional IRA, when do you pay tax on the earnings?
  77. To put money in an IRA, you generally need what?
  78. For 2025, a dependent under 65 (not blind) must file if unearned income is over how much?
  79. For 2025, a dependent teen with only job pay must file if earned income is over how much?
  80. If your employer withheld tax from your pay but you don't have to file, what should you do?
  81. What can happen if your employer withholds too little tax from your pay?
  82. For the 2026 filing season, IRS Free File guided software was free for AGI up to what?
  83. Do you have to pay back grants and scholarships?
  84. What are work-study programs?
  85. Students with no credit history usually need what to get a private student loan?
  86. On a subsidized federal student loan, who pays the interest while you're in school?
  87. Which is a red flag of a student loan scam?
  88. A "boss" says you must pay a fee to get hired. What is it?
  89. A "boss" sends you a check to deposit and asks you to send some back. What happens?
  90. Who will ever tell you to pay with a gift card?
  91. What do scammers want you to do?
  92. An online ad says "learn to trade and get rich quick". What's the truth?
  93. A text with a link asks you to update your payment info. What is it likely?
  94. Where can you report a scam to the FTC?
  95. If a 15-year-old already has a credit report, it could be a sign of what?
  96. Before visiting a dealer, what is a smart first step for a car loan?
  97. Interest rates on dealer-arranged car loans are generally what?
  98. How does a shorter car loan term affect the overall loan cost?
  99. Besides the loan payment, what else adds to the cost of owning a car?
  100. In the popular 50/30/20 budget rule, no more than what share of take-home pay goes to wants?
  101. Using the Rule of 72, about how long does money take to double at 8 percent a year?
  102. To compare how much interest savings accounts pay, which number does the FDIC say to compare?
  103. A typical Buy Now, Pay Later loan lets you pay off the balance in how many payments?
  104. Many Buy Now, Pay Later plans advertise no interest. What does the FTC say about fees?
  105. How much does it cost to fill out the FAFSA form?
  106. For the 2026 to 2027 award year, a federal Pell Grant is worth up to how much?
  107. In a Federal Work-Study job, how much do you earn at least?
  108. Which federal student loan has no requirement to show financial need?
  109. The CFPB warns that in-game currency like coins or gems can do what to a player?
  110. When did the FAFSA for the 2027-28 school year open to the public?
  111. On the FAFSA, does a grandparent or legal guardian who raises you count as your parent?
  112. The federal FAFSA deadline is months away. Why file as early as you can anyway?