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Financial Literacy Test Review
Financial Literacy Test Review
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Financial Literacy Review (5th Grade STAAR Review) #staar #5th #math #financial #literacy #teks
Flashcards
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Questions
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Answers
1
Mark's pay after taxes is $855.08. If his total earnings are $1,100, how much is his tax?
$144.02
$855.08
$1,100
$244.92
2
Which type of tax is added to the cost of items you purchase?
Property Tax
Income Tax
Payroll Tax
Sales Tax
3
What is his total income?
$25
$60
$40
$45
4
Lee pays $0.02 in sales tax for every dollar. If she buys $60 of items, what is the total cost?
$35.00
$61.20
$60.02
$1.20
5
What are his total expenses?
$70
$60
$30
$50
6
Which of the following is NOT an advantage of using a debit card as your payment method?
You are less likely to overspend
It is convenient to carry around
A personal ID number helps keep your account safe
You can buy now and pay later
7
If Mary is over budget, what might be a solution to balance her budget?
Pay for someone to come and clean her house.
Increase the amount she spends on the movies.
Decrease her spending on going out to eat.
Work less hours.
8
What is also called earnings after taxes?
Net Income
Gross Income
Payroll Taxes
9
Which of the following can Jose use if he wants to purchase an item and pay at a later time?
Credit Card
Check
Debit Card
Money Transfer
10
Which of the statements about sales tax is not true?
You need to know the price of the item to find the sales tax
The sales tax is based on the value of the item.
Sales tax is added to the purchase price on an item.
The sales tax is the same as income tax.
11
You can write a ____________ to pay for a purchase using money in your bank account?
Check
Credit
Note
Card
12
Rita has a gross income of $700. $136.21 is deducted for taxes. How much is her net income?
$563.79
$856.89
$836.21
$546.89
13
Which of the following shows when a budget is balanced?
Income=Expenses
Expenses > Income
Income > Expenses
14
Which of the following is also called gross income?
Total Earnings
Net Income
Payroll Taxes
15
Raul pays property tax in Dallas. On which of the following might Raul pay property tax?
Income
Clothing
Salary
House
