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5th Grade Financial Literacy Flashcards | StudBud
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5th Grade Financial Literacy
5th Grade Financial Literacy
10 terms
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StudBud Administration
A review of taxes, budgets, and incomes.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
What is income?
How much money you earn
How much you pay in taxes
Taxes you pay
2
A ___ is money paid to the government for services, like road work and police protection.
Tax
Budget
Income
3
___________ is money that is paid based on the amount of money you earn.
Property tax
Net Income
Income Tax
Gross Income
4
The total tax an employer withholds from a paycheck is called ________.
Sales Tax
Property Tax
Net income
Payroll Tax
5
The total income before any taxes are taken out is _______ ________.
Expenses
Gross Income
Net Income
Sales Tax
6
On a balanced budget, which is true?
You spend less than you make
You spend more than you make
7
A ________ is money added to the cost of items or services.
Net Income
Budget
Income Tax
Sales Tax
8
______ are taxes paid to the government depending on the value of your home, land, or vehicles.
Net Income
Gross income
Income Taxes
Property Taxes
9
_________ is the income that is left after taxes.
Net income
Payroll tax
Gross income
Sales Tax
10
Which expense is "fixed"?
Gasoline
Groceries
Car payment
