stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
5th grade Texas Financial Literacy Flashcards | StudBud
Explore
/
5th grade Texas Financial Literacy
5th grade Texas Financial Literacy
20 terms
·
StudBud Administration
·
293 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
What is a disadvantage of paying with cash?
You might have to pay a fee
If you lose it, you probably won't get it back.
Money comes directly from your bank account
Money is borrowed from a financial instutition
2
A variable expense typically changes from month to month, true or false?
True
False
3
Which of the following best describes sales tax?
A tax on good and services
A tax on wages
A tax on earnings
4
Sales taxes are paid ______ a year.
4 times
once
multiple times
twice
5
What does having a balanced budget mean?
Expenses do not exceed income
There is no income, only expenses
Income does not exceed expenses
Income and expenses match
6
Fill in the missing information.
gross, net
net, gross
gross, spent
earned, spent
7
Which is Tonya's gross income?
40.000
40,000
50,000
50.000
8
If Nina stops babysitting, which of the following would be correct?
Nina will have to reduce her expenses to balance her budget
Nina's budget will be balanced
Nina will have to increase her expense to balance her budget
9
Payroll taxes are used for...
roads and local government
Medicare and Social Security
education and roads
Medicare and Military
10
When you use your __ card for payment, you are borrowing money from a financial institution.
insurance
debit
credit
checking account
11
Which term best describes payroll taxes?
Taxes paid by an individual based on their earnings
Taxes paid by property owners based on the property owned
Taxes paid by a consumer based on purchase of goods/services
Taxes paid by the employer based on employee wages
12
When you use a ___ card for payment, the money comes directly from your bank account.
identification
credit
debit
13
Shondra's salary is $60,000, before taxes. Which term best describes Shondra's salary of 60,000?
net income
gross income
14
When balancing a budget, which item should be a larger number?
overdraft
balance
expenses
income
15
Payroll taxes are paid by...
employer
bank
electronic funds transfer
employee
16
Which term best describes taxes paid by an individual based on his or her
earnings
?
income tax
payroll tax
17
Tell all the ways that Cassandra can adjust her budget to save more monthly.
reduce her income
find additional sources of income
increase her fixed expenses
reduce her variable expenses
18
Income taxes are paid by _____ and based on ______.
Employee, income
Employer, purchase of goods/services
Employer, income
Employer, taxes
19
Which form of payment can be used if you need to borrow money?
credit card
cash
debit card
check
20
What can Jerry do to balance his budget?
Jerry can reduce his income by $5
Jerry can reduce his expenses by $5
Jerry's budget is already balanced
