Sales taxes are paid to ____ and used for _____.

local government/ education, and emergency people

What can Jerry do to balance his budget?

Jerry can reduce his expenses by $5

Which term best describes payroll taxes?

Taxes which are subtracted from earnings

Which of the following best describes sales tax?

A tax on services and things you buy

If Nina stops babysitting, which of the following would be correct?

Nina will have to reduce her expenses to balance her budget

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Duplicate of 5th grade Texas Financial Literacy 5.10 ABEF

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Questions 15

Answers

1
Which is Tonya's gross income?
10,000
90.000
40.000
50,000
2
Sales taxes are paid to ____ and used for _____.
Federal government/ education, and emergency people
Federal government/ military and federal programs
local government/ education, and emergency people
local government/ retirement and local programs, & education
3
What can Jerry do to balance his budget?
Jerry can reduce his expenses by $5
Increase his expenses by $5
Jerry can reduce his income by $5
Jerry's budget is already balanced
4
What does having a balanced budget mean?
Expenses do not exceed income
Income and expenses match
Income does not exceed expenses
There is no income, only expenses
5
Which term best describes payroll taxes?
Taxes paid by a consumer based on purchase of goods/services
Taxes which are subtracted from earnings
Taxes paid by the employer based on employee wages
Taxes paid by property owners based on the property owned
6
Payroll taxes are paid to...
federal government
schools
emergency workers
local government
7
Tell how Cassandra can adjust her budget to save more monthly.
find additional expenses
reduce her income
increase her fixed expenses
reduce her variable expenses
8
Which term best describes taxes paid by an individual based on his or her earnings?
gross income
property tax
income tax
payroll tax
9
Shondra has an annual salary of $60,000. Which term best describes Shondra's salary of $60,000?
gross income
net income
payroll tax
deduction
10
Payroll taxes are used for...
Medicare and Military
roads and local government
Medicare and Social Security
education and roads
11
Income taxes are paid by _____ and based on ______.
Employer/ taxes
Employee/ income
Employer/ income
Employer/ purchase of goods and services
12
A variable expense typically changes from month to month, true or false?
False
True
13
Which of the following best describes sales tax?
A tax on services and things you buy
The money received when something is sold
A tax on wages
A tax on earnings
14
Fill in the missing information.
earned, spent
gross, lost
gross, net
net, gross
15
If Nina stops babysitting, which of the following would be correct?
Nina will have to increase her expense to balance her budget
Nina will have to reduce her expenses to balance her budget
Nina's budget will be balanced

Duplicate of 5th grade Texas Financial Literacy 5.10 ABEF Flashcards | StudBud