Which of the following best describes budgeting?

B. A tool used for managing money

Which of the following is an advantage of using a credit card?

B. Consumers can purchase things now, and pay later.

How do you determine net income?

B. Gross income minus all deductions.

How much will Emily need to save from each paycheck if she wants to save $480 a year?

A. Keiko should save $20 from each paycheck.

studbud

5th Grade Financial Literacy

10 termsStudBud Administration435 plays

Find your way through financial literacy.

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
Which of the following is considered an advantage of using a debit card to make purchases.
C. You can use many ATMs to get cash.
A. Debit cards are convenient and easy to carry around.
B. Purchases can be made quickly and easily.
D. All of the above.
2
Which of the following best describes budgeting?
D. A tool used for buying a car
B. A tool used for managing money
A. A tool used for controlling money
C. A tool used for buying groceries
3
Which of the following is an advantage of using a credit card?
D. None of the above.
C. You could be a victim of identity theft.
A. Interest is charged for the use of a credit card.
B. Consumers can purchase things now, and pay later.
4
How do you determine net income?
A. Gross income plus all deductions.
C. All deductions plus payroll tax.
D. Gross income minus income tax.
B. Gross income minus all deductions.
5
How much will Emily need to save from each paycheck if she wants to save $480 a year?
A. Keiko should save $20 from each paycheck.
D. Keiko should save $10 from each paycheck.
B. Keiko should save $5 from each paycheck.
C. Keiko should save $15 from each paycheck.
6
If Kimberly pays taxes on her annual salary and investments, which type of tax is she paying?
D. Payroll Tax
B. Property Tax
A. Sales Tax
C. Income Tax
7
Jonathan's new clothes cost $253.50 before tax. What type of tax does he have to pay?
D. Sales tax
B. Property tax
A. Income tax
C. Payroll tax
8
This is the entire amount of income before any deductions are made.
A. Payroll tax
D. Net income
C. Gross income
B. Income tax
9
Which of the following describes a bank statement?
B. It is a summary of all of the withdraws made each month.
D. All of the above.
A. It is a summary of all of the deposits made each month.
C. It is a summary of the interest earned each month.
10
If your expenses are greater than your income, what must you do to balance your budget?
D. None of the Above
A. Earn more money
C. Both A and B
B. Spend less money on variable expenses

5th Grade Financial Literacy Flashcards | StudBud