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5th Grade Financial Literacy Vocabulary STAAR Review Flashcards | StudBud
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5th Grade Financial Literacy Vocabulary STAAR Review
5th Grade Financial Literacy Vocabulary STAAR Review
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Vocabulary Dealing with Financial Literacy 5th grade
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
Aryann
owns a café and gas station. She will have to pay ____ tax on the
land
and gas station
building
.
Property Tax
Payroll Tax
Sales Tax
Income Tax
2
The S.S. school district takes money out of
my check
monthly. What type of tax is this?
Income Tax
Sales Tax
Payroll Tax
Property Tax
3
The total amount of personal income prior (
before
) taxes and deductions are taken out.
Credit Card
Debit Card
Net Income
Gross Income
4
Sadie's expenses exceed the amount of money she earns. What should she do?
Reduce un-necessary spending
Keep spending money on everything!
Borrow money from family and friends
Increase her spending, GO SHOPPING!
5
Balance the January budget!
$1
$100
$10
$99
6
Jozy's
family added on a new garage. Which tax will increase based on the value of the garage?
Liberty Liberty Liberty!!!!
Sales Tax
Property Tax
Payroll Tax
7
This month
Adrian's
expenses are greater than his income. What 2 actions must he take to balance his budget?
Increase my Income and Increase my expenses
Decrease my expenses and Increase my Income
Just Decrease my Income Ya'll!
Decrease everything and start a hobby
8
OH NO
!! This month
Mrs. Cook
's expenses are greater than her income. What 2 actions can she take?
Decrease my expenses, and increase income
Increase everything!!!! GO shopping!
Decrease my expenses, and decrease income
Increase my expenses, decrease income
9
What are taxes used for?
Savings for people
Profit for a store
Wages for store workers at Chick-Fil-A!
Services provided by the government.
10
What is a withdrawal?
To order my favorite burger from Whataburger.
To add money to my bank account.
To take money out of my bank account.
11
Which tax is the money added to the cost of items or services
purchased
?
Property Tax
Payroll Tax
Sales Tax
Not here
12
Caleb
bought a PlayStation game that was $85. He ended up paying almost $90
after tax
. What tax did he pay?
Payroll Tax
Sales Tax
Property Tax
Income Tax
13
Mrs. Mayes earned
$39,000 last year and paid $3,000 in taxes on what she
earned
. What tax is this on $ she brought
IN
?
Payroll Tax
Sales Tax
Property Tax
Income Tax
14
Expense
means
Go straight to the M&M store!
How much money you make.
To spend money.
15
What kind of taxes are taken out of my Gross Income?
School Tax
Social Security and Medicare Taxes (Goes to the Government)
I must wash my hair tax!
Road Tax
16
Money collected by a
store
, in addition to a good or service that was
purchased.
Income Tax
Property Tax Man!
Payroll Tax
Sales Tax
17
Increase
means
TO ADD VALUE TO SOMETHING! well yeah!
To spend less money
To subtract from a value
To stay the same
18
A tax on
retail products
based on a set percentage of retail cost. (Retail means you went in a store)
Property Tax
Aunt Myrtle's Tax
Income Tax
Sales Tax
19
Mrs. Folmar
pays a tax every year because she owns her
house
. Which term best describes this tax?
Payroll Tax
Income Tax
Property Tax
Sales Tax
20
Diego
bought a new television and had to pay $42.00 in taxes. What type of tax did he have to pay?
Income Tax
Sales Tax
Payroll Tax
Property Tax
21
Which of these statements about gross income and net income is true?
Net income is the amount BEFORE taxes are taken out.
Net income is the amount AFTER taxes are taken out.
22
Which of these is
NOT
an example of a sales tax?
The purchase of clothes for school.
The purchase of a piece of land
The purchase of a new backpack.
The purchase of a new skateboard.
23
Payments using security features on the internet
Money Payment
Electric Payment
Epic Payment
Electronic Payment (online)
24
What is an example of an expense?
Making a deposit in my saving account.
Paying my car payment.
25
Kylie
owns 3 apartment buildings that she rents out. What type of tax does she pay on these buildings?
Property Tax
Payroll Tax
Sales Tax
Income Tax
26
Which of the following is a description of a
payroll tax
?
Money added to your Dairy Queen order.
Money paid to a city, town, state or U.S. government.
Money an employer withholds from an employee's earning. (Paycheck)
Money deposited into your account
27
What is a deposit?
To go to Sonic
To put money in your bank account.
To take money out of your bank account
28
Which is an example of income?
Paying your insurance bill.
Paying your electric bill.
Buying groceries at Walmart
Getting your paycheck at work from your employer! Money you bring in!!!!
29
The amount of money collected on the value of a
property
for the local government
Liberty, Liberty, Liberty, Liberty
Sales Tax
Property Tax
Income Tax
30
Maks
has
288
oz of M&M's to put in 5 bowls. He put an equal amount in each bowl. How many oz. of M&M's are in each bowl?
57.6 ounces
293 ounces
1,440 ounces
283 ounces
31
Which of the following is true?
Tax is illegal.
A tax is your rent payment.
A tax is a required payment to the government
A tax is income to you.
32
WOW!
Paxton
got a job at the new movie theater . Which tax will her employer withhold from her earnings (
paycheck
)?
Property Tax
Payroll Tax
Not Here
Sales Tax
33
Mrs. Taylor works in the school cafeteria.
She makes $11 an hour and works 8 hours a week
. Which statement is true?
Her net income is less than $88.
Her gross income is more than $88.
Her gross income is less than $88.
Her net income is more than $88.
34
Brody wants a new sports car but does not have the extra money to make the car payments. What should he do?
Go Shopping for the most expensive car in the world.
Get a second job to earn more money to pay for the car.
Buy a car and worry about the payments later?
Just stay home and eat chips on the couch.
35
Creighton
owns a Mexican Restaurant and takes money from his employees
paychecks
to pay this type of tax?
Payroll Tax
Property Tax
Sales Tax
Income Tax
36
The amount of money that a company withholds from its employees
paychecks
.
Sales Tax
Income Tax
Payroll Tax
Property Tax
37
Andria
bought 4 ears of corn for a cost of $0.30 each. What is the total cost in dollars of all the corn?
$12
$1.20
$120
$1,200
38
Leif bought a computer
for $720. What kind of tax did he pay on his
retail purchase?
Sales Tax
Income Tax
Payroll Tax
Property Tax
39
I
earn
36,000 a year and I have to file my taxes by
April 15
. What kind of tax is this the money I brought
in
?
Sales Tax
Property Tax
Payroll Tax
Income Tax
40
The income that
remains after
taxes are taken out of a person's gross income
Budget Income
Gross Income
Electronic Income
Net income
