Allen Financial Literacy STAAR Review

Question 1

An employer is a company/person who hires people to do work. They give people jobs.

Accepted Answer

True

Question 2

A tax paid for a good or service that you buy.

Accepted Answer

Sales tax

Question 3

The total amount of money a person earns before taxes have been withheld.

Accepted Answer

Gross income

Question 4

A tax paid on something you own such as a house, land, or building.

Accepted Answer

Property tax

Question 5

An example of a retail store is:

Accepted Answer

Walmart

Question 6

This is the amount of money a person receives on their paycheck after the taxes have been withheld.

Accepted Answer

Net income

Question 7

This income is LESS than the gross income.

Accepted Answer

Net income

Question 8

Taxes are used to pay for which of the following:

Accepted Answer

Services provided by the government, like parks, schools and roads

Question 9

An employee is a person who does the work and earns income from a job.

Accepted Answer

True

Question 10

Which of the following is NOT a payment method?

Accepted Answer

Bank statement

Question 11

This is income is GREATER than net income.

Accepted Answer

Gross income

Question 12

Which of the following is NOT a legal payment method?

Accepted Answer

A Post-it

Question 13

The total amount of money a person earns from working, BEFORE taxes are taken out.

Accepted Answer

Gross income

Question 14

Money paid straight to the government from an employer is called Payroll Tax.

Accepted Answer

True

Question 15

Michael has an annual salary of $45,500. Which tax is the money he will pay on his yearly income?

Accepted Answer

income tax

Question 16

Drew bought a computer for $480. Which tax could he have paid on the purchase?

Accepted Answer

Sales Tax

Question 17

How many times does a person pay property tax on a building?

Accepted Answer

Every year; property tax does not go away

Question 18

Mr. Kendall had a new garage built. Which yearly tax will increase based on the value of the garage.

Accepted Answer

property tax

Question 19

A tax that an employer or company withholds from its employees' paychecks.

Accepted Answer

Payroll tax

Question 20

A tax paid on income a person earned at a job.

Accepted Answer

Income tax

Questions 20