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Financial Literacy Review Flashcards | StudBud
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Financial Literacy Review
Financial Literacy Review
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Fifth grade TEKS financial literacy questions
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Sales tax is tax on ____________
medical bills
houses
land
goods and services
2
What is the best method of payment in an emergency?
run away
credit card
debit card
cash
3
Money to pay taxes comes from _____________.
your mom and dad
payroll taxes
earned income
income tax
4
Property tax is tax on _____________
paychecks
your pets
your sister
your land and home
5
An expense that changes from month to month is called a ______.
paycheck
variable expense
unfair expense
bill
6
Money paid for bills from month to month is called an ________.
income
extra money
earned income
expense
7
A plan for income and expenses is called a _________________
budget
payroll tax
an idea
earned income
8
Paying unnecessary fees, for using a debit card, are like throwing money away.
False
True
9
The amount an employee actually receives ________
gross pay
net income
net allowance
babysitting money
10
An expense that is the same from month to month is called a ________.
income
fixed expense
paycheck
allowance
11
Money charged by a bank for not paying your credit card balance is called _____
interest
a bad idea
earned income
taxes
12
Money received for doing a job or profit earned from a business _________
expenses
taxes
income
change
13
Writing a check when there is not enough money in your account is called writing a _.
hot check
stealing
fake check
hot pancake
14
How much money an individual makes before taxes are taken out is called ________
property tax
gross income
net income
allowance
15
If a payment has to be mailed, sending a check is safer than cash.
False
True
16
Which tax is deducted from your paycheck?
All of the above
Medicare tax
income tax
Social Security tax
17
Income tax is due ______________
April 1
July 4
January 1
April 15
18
Something that is NOT taxable is called ___________________
gross pay
cheap
tax exempt
payroll tax
19
Money paid to the government based on your income ___________
income tax
your allowance
property tax
sales tax
20
Property taxes cannot increase or decrease.
False
True