Duplicate of 5th Grade Financial Literacy Vocabulary Review

Question 1

The income that remains after taxes and other deductions are taken from a person's gross income

Accepted Answer

Net income

Question 2

I own 5 apartment buildings that I rent out. What type of tax do I pay on these buildings?

Accepted Answer

Property Tax

Question 3

The total amount of personal income prior to taxes and deductions

Accepted Answer

Gross Income

Question 4

The amount of money that a company withholds from its employees

Accepted Answer

Payroll Tax

Question 5

I own a Taco Bell and pull money from my employees paychecks to pay this type of tax is this?

Accepted Answer

Payroll Tax

Question 6

I bought a new couch with a card that lets me borrow money from the store. What card did I use?

Accepted Answer

Credit Card

Question 7

I make 90,000 a year and I have to file my taxes by April 15. What tax is this?

Accepted Answer

Income Tax

Question 8

The amount of money collected on the value of a property for the local government

Accepted Answer

Property Tax

Question 9

Money collected by a store, in addition to a good or service that was purchased

Accepted Answer

Sales Tax

Question 10

Travis earned $42,000 last year and paid $6,000 in taxes on what he earned. What tax is this?

Accepted Answer

Income Tax

Question 11

I went and bought a new television and had to pay $90 in taxes. What type of tax is this?

Accepted Answer

Sales Tax

Question 12

I own a gas station. I will have to pay ____ tax on the land and gas station building

Accepted Answer

Property Tax

Question 13

The school district takes money out of my check monthly. What type of tax is this?

Accepted Answer

Payroll Tax

Question 14

I bought an Xbox game that was $60. I ended up paying almost $66 after tax. What tax did I pay?

Accepted Answer

Sales Tax

Questions 14