Personal Financial Literacy 5th Grade

Question 1

What is the type of income that is the money you earn after taxes?

Accepted Answer

net income

Question 2

What is the type of tax that is withheld from a persons paycheck by an employer?

Accepted Answer

payroll tax

Question 3

Select all the advantages of using a credit card.

Accepted Answer

if you don't have money, you can borrow it using your card, most stores take it

Question 4

Select all the disadvantages of using cash.

Accepted Answer

large amounts not safe to carry, not all businesses accept it, hard to carry large amounts

Question 5

Select all the disadvantages of using check.

Accepted Answer

not all businesses accept it, have to carry personal ID

Question 6

Select all the advantages of using cash.

Accepted Answer

easy to use, most stores take it, no interest fees

Question 7

What is the method of payment that is called currency and is described with dollar bills and coins?

Accepted Answer

cash

Question 8

Select all the disadvantages of using a debit card.

Accepted Answer

daily limits, not all businesses accept it

Question 9

What is the type of tax that is paid to the government based on property owned? (pays for police, roads, and schools)

Accepted Answer

property tax

Question 10

What is the definition of income?

Accepted Answer

money coming in

Question 11

Select all the advantages of using check.

Accepted Answer

easy to use, no interest fees, money comes out of bank quickly

Question 12

What is the type of tax that is paid to the government on goods and services sold?

Accepted Answer

sales tax

Question 13

What is the type of tax that is paid to the government based on your personal income?

Accepted Answer

income tax

Question 14

Money you earn is called...

Accepted Answer

income

Question 15

To find net income, you must compete which operation?

Accepted Answer

subtraction

Question 16

What is the type of income that includes all of the money you earn before taxes?

Accepted Answer

gross income

Question 17

What's the method of payment that is funds transferred from one bank to another electronically?

Accepted Answer

EFT

Question 18

What's the method of payment that is a plastic card that allows the owner to transfer money from a lender to their bank?

Accepted Answer

credit card

Question 19

Select all the disadvantages of using a credit card.

Accepted Answer

very high interest fees, have to pay back more money than you borrowed/used

Question 20

Select all the advantages of using a debit card.

Accepted Answer

easy to use, most places, money comes out immediately

Question 21

What is the method of payment that is a written, dated, and signed piece of paper directing a bank to transfer money?

Accepted Answer

check

Question 22

What is the method of payment that is a plastic card that allows the owner to transfer money from their bank to another?

Accepted Answer

debit card

Question 23

Social security and Medicare are a part of what type of tax?

Accepted Answer

payroll tax

Personal Financial Literacy 5th Grade

Questions 23

Personal Financial Literacy 5th Grade

Questions 23