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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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#math #5thgrade #finaciallitteracy
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Everyone pays the same amount of taxes.
True
False
2
Ms. Grimes buys a necklace for $280. Which of the following taxes could she have paid on the purchase?
income tax
payroll tax
property tax
sales tax
3
Balancing your budget means ...
Distributing the weight of your budget equally on all sides
Making your budget balance equal zero
Making your expenses equal your income
Cutting taxes and non-essential services
4
This week Mrs. Hearn received a paycheck for $500. Is this going to be a deposit or a debit?
Debit
Deposit
5
What is the definition of gross income?
Money you spend at the store
The total amount of money you earn
Income AFTER taxes
The money you go home with
6
Which payment option can require you to borrow money and pay it back interest?
Electronic Payment
Debit Card
Check
Credit Card
7
What is the definition of net income?
Money you spend at the store
The total amount of money you earn
The amount of money you receive after deductions are subtracted
Money BEFORE taxes
8
Mrs. Jones' net income is $800. If her gross income is $1,100, how much are her payroll taxes?
$144.02
$300
$855.08
$1,100
9
Which is not an option for payment?
Debit Card
Cash
I O U
Credit Card
10
Miss Wimpy pays a tax every year because she owns a house. Which term best describes this tax?
sales tax
property tax
income tax
payroll tax
