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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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StudBud Administration
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Taxes #financialliteracy #fifthgrade
Flashcards
16 cards
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Questions
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Answers
1
A tax you pay on your employees
Property Tax
Payroll Tax
Income Tax
Sales Tax
2
When the money in your account changes as you make a deduction or a deposit.
Deduction
Gross Income
Balance
Deposit
3
You thought you made $3,456 but you really made $2,789. What income is this?
Actual Income
Net Income
Income Tax
Gross Income
4
A tax you pay on your house or land
Property Tax
Income Tax
Sales Tax
Payroll Tax
5
What is the difference between gross and net income?
Net Income= before deductions Gross Income=after deductions
Gross income takes more taxes out than net income
Gross Income= before deductions Net Income=after deductions
Gross income is all the wasted money you don't use
6
A tax you pay to the government. The more you make the more you pay.
Payroll Tax
Property Tax
Sales Tax
Income Tax
7
When you make a plan to decide how much you will spend or save.
Balance
Income
Budget
Money List
8
Which payment would best be used to buy this item? A new shirt from Old Navy
Debit Card
Check
Cash
Credit Card
9
What is money subtracted from your income?
Deduction
Deposit
Debt
Debit
10
What is a disadvantage of cash?
Easily lost
It is rare to carry it now
Some places only accept it
Lot's of people don't like cash
11
You just bought a new house for $397,369. You now have to pay what tax on your house?
Income Tax
Property Tax
Sales Tax
Payroll Tax
12
Which is true about income tax?
The more you make the more you pay
Not everyone has to pay them
All people pay the same amount on their taxes
The government does not care if you lie on your income tax
13
A tax you pay when you buy items at a store.
Payroll Tax
Property Tax
Income Tax
Sales Tax
14
You just learned you will be making $86,925 this year before deductions. What income is this?
Real Income
Income Tax
Gross Income
Net Income
15
You just got paid and decided to put your paycheck in your account. This is an example of a
Deduction
Debt
Debit
Deposit
16
You just bought a new sweater for $12.95 and paid $13.56. This is an example of...
Payroll Tax
Property Tax
Sales Tax
Income Tax
