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Financial Literacy Vocabulary Flashcards | StudBud
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Financial Literacy Vocabulary
Financial Literacy Vocabulary
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1
A definition of a financial term is given in the box. Which of these terms best fits the definition?
Gross Income
Payroll Tax
Income Tax
Net Income
2
Gross income is the amount an employee is paid after deductions and taxes.
False
True
3
Which amount on Marsha's pay stub represents her GROSS income?
$207
1/6/2020
$2,412
$2,205
4
Jeff buys a pen priced at $0.99. After the clerk adds a tax, Jeff pays $1.08 for the pen.
Sales Tax
Income Tax
Property Tax
Payroll Tax
5
Which amount on Marsha's pay stub represents her NET income?
$2,205
$2,412
$207
1/6/2020
6
Mrs. Cowger's employer withholds $143 in taxes from her paycheck every month.
Income Tax
Sales Tax
Payroll Tax
Property Tax
7
Which of the following taxes is withheld from each paycheck by an employer?
Property Tax
Payroll Tax
Not here
Sales Tax
8
A definition of a financial term is shown in the box. Which term best fits this definition?
Payroll Tax
Property Tax
Sales Tax
Income Tax
9
.
Gross Income
Payroll Tax
Income Tax
Net Income
10
Susanne bought a rug for her home. What tax did she pay as part of the total cost for the rug?
Sales Tax
Payroll Tax
Property Tax
Income Tax
11
A definition of a financial term is shown in the box. Which term best fits the defintion?
Sales Tax
Property Tax
Payroll Tax
Gasoline Tax
12
.
Payroll Tax
Gross Income
Income Tax
Net Income
13
Which amount on Marsha's pay stub represents her deductions?
1/6/2020
$2,412
$207
$2,205
14
Mr. Ford pays a yearly tax of $1,300 based on the value of his home.
Income Tax
Sales Tax
Property Tax
Payroll Tax
15
Sean pays a tax to the federal government based on the money he earns every year.
Property Tax
Sales Tax
Income Tax
Payroll Tax
16
What is the yearly federal tax on the earnings of a person or business?
Income Tax
Sales Tax
Payroll Tax
Property Tax
17
Which of these is NOT an example of a property tax?
Tax paid on the value of a farm a person owns.
Tax paid on the value of a home a person owns.
Tax paid on the value of a piece of land a person owns.
Tax paid on the value of a piece of furniture a person owns.
