Money you have after taxes and deductions are taken out.

The Cruz family moves to a house with a higher value. Which of the following will happen?

Their property taxes will increase.

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Financial Literacy Review - 5th Grade

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Financial Literacy Questions to help with review.

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Questions 12

Answers

1
All of the following describe a credit card EXCEPT:
Small and easy to use.
Has a PIN number.
May have to pay a fee which is called interest.
Can be used to make online purchases.
2
This type of tax is paid to the local government based on value of real estate.
Income Tax
Sales Tax
Property Tax
Payroll Tax
3
The amount of money an individual earns before taxes are deducted.
Payroll Income
Net Income
Balanced Budget
Gross Income
4
Balanced Budget is...
Income + Expenses = Balanced Payroll
Income > Expenses
Income < Expenses
Income = Expenses
5
This type of tax is paid on goods and services and is used as an aid to local governments.
Payroll Tax
Property Tax
Sales Tax
Income Tax
6
All of the following are fixed expenses EXCEPT:
Car Payment
House Payment
Electricity Payment
Netflix Membership
7
This type of federal tax is paid to the government based on your income.
Sales Tax
Payroll Tax
Income Tax
Property Tax
8
If your expenses exceed your income, which would be the best option to have a balanced budget?
Don't pay your credit card bill.
Stop going out to eat.
None of the above
Skip a week of grocery shopping.
9
What is net pay?
Money that you catch underwater with a net.
Getting paid biweekly.
Money you have after taxes and deductions are taken out.
A type of loan that you can get with a bank.
10
Lester's gross income increased. As a result, which of the following probably happened?
His net income decreased.
His net income remained the same.
His payroll tax decreased.
His net income increased.
11
This type of tax is paid to the federal government to use for Social Security and Medicare.
Income Tax
Payroll Tax
Property Tax
Sales Tax
12
The Cruz family moves to a house with a higher value. Which of the following will happen?
Their income taxes will increase.
Their payroll taxes will decrease.
Their property taxes will decrease.
Their property taxes will increase.

Financial Literacy Review - 5th Grade Flashcards | StudBud