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