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Middle School Financial Literacy: Taxes Flashcards | StudBud
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Middle School Financial Literacy: Taxes
Middle School Financial Literacy: Taxes
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Financial literacy for middle school
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Sales and property taxes are used to pay for
Jails
All of these
Streetlights
Streets
2
Making a purchase based on an immediate want or due to the pressure of advertising.
Impulse Buying
Fixed Expenses
Long-term Goals
Investing
3
Funds that the state and federal government collect to pay their bills are known as
FICA
Charity
Taxes
Deductions
4
The total pay earned before any deductions are taken.
Social Security
Medicare
Net Income
Gross Income
5
A tax on earnings from wages, salaries, tips and interests is
a sales tax
an income tax
a property tax
a medical tax
6
A plan for managing your money.
budget
goals
fixed expense
variable expense
7
A budget can include
charitable giving
all of these
paying yourself first
debt payments
8
Which is a tactic a store will use to get you to buy more things.
upgrades
All of these
free samples
Limited editions
9
Which of the following is NOT a type of deduction from a paycheck?
FICA
State Income Tax
Property Tax
Federal Income Tax
10
When choosing a career, you should consider your
Finances
All of these
Interests
Values
11
Which of the following is NOT a need?
food
water
TV
clothing
12
Amount of income remaining after all deductions have been taken out of your pay.
Income Tax
Medicare
Net Income
Gross Income
