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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
12 terms
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StudBud Administration
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A review of taxes, budgets, and incomes.
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
A ___ is money paid to the government for services, like road work and police protection.
Budget
Tax
Income
2
The total income before any taxes are taken out is _______ ________.
Expenses
Net Income
Gross Income
Sales Tax
3
What is income?
How much money you earn
How much you pay in taxes
Taxes you pay
4
On a balanced budget, which is true?
Your expenses exceed your income (earning)
Your income (earning) exceeds your expenses
You spend less than you make
You spend more than you make
5
___________ is money that is paid based on the amount of money you earn.
Income Tax
Gross Income
Property tax
Net Income
6
A ________ is money added to the cost of items or services.
Income Tax
Net Income
Sales Tax
Budget
7
_________ is the income that is left after taxes.
Sales Tax
Net income
Gross income
Payroll tax
8
Alvaughn's gross income this year was $4000. His net income was $3200. His deductions were...
$900
$340
$700
$800
9
Aniya earns $20 and hour working at Six Flags. How much money did she earn working 20 hours?
$400
$300
$20
$400.00
10
Auriana earned $165. She spent $45. How much can she buy a dog for to have a balanced budget?
$115
$125
$165
11
The total tax an employer withholds from a paycheck is called ________.
Payroll Tax
Property Tax
Net income
Sales Tax
12
______ are taxes paid to the government depending on the value of your home, land, or vehicles.
Property Taxes
Net Income
Gross income
Income Taxes
