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5th Grade Financial Literacy Flashcards | StudBud
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5th Grade Financial Literacy
5th Grade Financial Literacy
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StudBud Administration
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A review of taxes, budgets, and incomes.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Is this budget balanced?
No, the income exceeds the income by $20
Yes
No, the expenses exceed the expenses by $20
2
A ________ is money added to the cost of items or services.
Net Income
Sales Tax
Budget
Income Tax
3
The total tax an employer withholds from a paycheck is called ________.
Property Tax
Payroll Tax
Net income
Sales Tax
4
The total income before any taxes are taken out is _______ ________.
Net Income
Sales Tax
Gross Income
Expenses
5
What is income?
Taxes you pay
How much money you earn
How much you pay in taxes
6
A ___ is money paid to the government for services, like road work and police protection.
Budget
Tax
Income
7
On a balanced budget, which is true?
Your income is less than your expenses
Your income and expenses are equal
Your income and expenses can be whatever
Your expenses are more than your income
8
______ are taxes paid to the government depending on the value of your home, land, or vehicles.
Property Taxes
Net Income
Gross income
Income Taxes
9
_________ is the income that is left after taxes.
Gross income
Sales Tax
Payroll tax
Net income
10
___________ is money that is paid based on the amount of money you earn.
Property tax
Income Tax
Net Income
Gross Income
