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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
20 terms
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StudBud Administration
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TEKS 5.10A, B, F
Flashcards
20 cards
F
Practice quiz
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Questions
20
Answers
1
This tax is paid to local governments on real estate ...
sales tax
income tax
payroll tax
property tax
2
The Miller family moves to a house with a higher value. Which of the following will probably happen?
property taxes will increase
income taxes will increase
property taxes will decrease
income tax will decrease
3
Gross income is how much you make after taxes and deductions are taken out.
True
False
4
Which is NOT an example of a fixed income or expense?
$25.00 each month for a cell phone bill
$10.00 allowance each week
$30 reward for finding a lost dog
$5.00 for lunch each day
5
Balanced Budget: income equals expenses
True
False
6
Gross Income - Deductions = Net Income
True
False
7
Lee's gross income is $540 each month. Lee's net income in May was less than April. What most likely happened?
Sales tax increased
Property taxes increased
Payroll taxes decreased
Payroll taxes increased
8
What type of tax is paid when you purchase a house or condo?
income tax
payroll tax
sales tax
property tax
9
What type of tax is paid at Target and Wal-Mart?
sales tax
income tax
payroll tax
property tax
10
Net income is how much you make before taxes and deductions are taken out.
False
True
11
Jerry is retired & receives a Social Security check. Which tax helped fund Jerry's Social Security check?
All of these
property tax
payroll tax
sales tax
12
Money paid to the federal government based on your income is ...
property tax
payroll tax
sales tax
income tax
13
Social security and Medicare are types of ...
sales tax
payroll tax
income tax
property tax
14
Gross Income = wage rate times number of hours worked
False
True
15
Shonde earns $8 per hour. Her paycheck is $199 for 30 hours of work. What amount was withheld for payroll tax?
$41
$59
$240
$161
16
If you spend more than you earn, you will have a ________ budget.
none of these
surplus
deficit
balanced
17
Mr. Cruz earns $500 each week. He spends $150 for food, $75 for rent, and $150 for entertainment. He has a ___ budget.
None of these answers
balanced
deficit
surplus
18
a financial account into which people deposit and withdraw money
check cashing service
checking account
bank
credit union
19
Which is NOT a variable expense or income?
Reward offered for recovery of lost pets
$2.00 for new pencils every other week
Money received for your birthday
$2.50 per bag of leaves raked
20
Why is financial literacy important?
to get a new job
so you can get a good grade
because your teacher says it is
so you can make better decisions in life with your money
