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Gromley 5th Grade Financial Literacy Flashcards | StudBud
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Gromley 5th Grade Financial Literacy
Gromley 5th Grade Financial Literacy
10 terms
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StudBud Administration
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A review of taxes, budgets, and incomes.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
A ___ is money paid to the government for services, like road work and police protection.
Tax
Budget
Income
2
___________ is money that is paid based on the amount of money you earn.
Income Tax
Gross Income
Net Income
Property tax
3
The total income before any taxes are taken out is _______ ________.
Net Income
Sales Tax
Expenses
Gross Income
4
_________ is the income that is left after taxes.
Payroll tax
Gross income
Sales Tax
Net income
5
Which expense is "fixed"?
Groceries
Car payment
Gasoline
6
What is income?
Taxes you pay
How much money you earn
How much you pay in taxes
7
On a balanced budget, which is true?
You spend less than you make
You spend more than you make
8
The total tax an employer withholds from a paycheck is called ________.
Payroll Tax
Property Tax
Sales Tax
Net income
9
______ are taxes paid to the government depending on the value of your home, land, or vehicles.
Property Taxes
Gross income
Income Taxes
Net Income
10
A ________ is money added to the cost of items or services.
Budget
Net Income
Sales Tax
Income Tax
