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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Financial literacy terms
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Tom's pay stub has a tax taken out that is paid to the federal government. What tax is this?
Property tax
Net income
Sales tax
Income tax
2
Joseph worked 25 hours this week. He earns $14 per hour. Which of the following is true?
His gross income will be less than $350
His net income will be more than $350
His net income will be less than $350
His gross income will be more than $350
3
Which of the following describes how you determine if you have balanced your budget?
When you have no expenses for the month
When your income equals your expenses
When income is two times more than your expenses
When expenses are more than income
4
This is the amount of money you make on your paycheck AFTER taxes and deductions are taken out.
Net income
Income tax
Gross income
Payroll tax
5
Joe bought a pencil sharpener at the store. What is the name of the tax paid on the sharpener?
Payroll tax
Property tax
Income tax
Sales tax
6
Jaden earns $500 per week. He has $135 taken out for taxes. What is his net income?
$435
$375
$635
$365
7
All of the taxes, including Medicare and Social Security, that are taken out of a pay check are called ______
Income taxes
Property taxes
Payroll taxes
Sales taxes
8
Chris owns a house and two businesses. These are the taxes Chris pay once per year.
Property tax
Sales tax
Payroll tax
Income tax
9
Thomas earns $2,350 on his paycheck BEFORE taxes are taken out. This is known as ________
Gross income
Payroll tax
Net income
Expenses
10
John has $80 and $150 of income and $75 and $200 of expenses this month. How can he balance his budget?
Increase his expenses by $45
Decrease his expenses by $230
Decrease his income by $45
Decrease his expenses by $45
