What is a federal income tax?

Tax paid to the U.S. government

How do I know if a budget that I have created is balanced?

If expenses and income are equal, If there are more income than expenses

Why is it important to keep a record of all of your transactions?

So you always know exactly how much money you have to spend

What does state income tax pay for?

State-level companies/income (mayor's salary, water, school)

What does federal income tax pay for?

Country-wide companies/income (President's salary, CIA, FBI)

What is the easiest method to determine if a budget is balanced?

Add all income together, Add all expenses together, compare

What is Texas's state income tax?

Tax paid to the Texas government

Which is more important to pay: federal income tax or state income tax?

Both are important and are mandatory to pay

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Financial Literacy Vocabulary

17 termsStudBud Administration63 plays

#financiallit #financial #literacy #math #5th #fifth #taxes #budgeting

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Questions 17

Answers

1
How could I calculate my net income?
Payroll tax - Gross income
Gross income + Payroll tax
Gross income is the same as net income
Gross income - Payroll tax
2
When keeping a record of transactions, what information is important?
Amount of the transaction
Description
All of the above
Date
3
What is a federal income tax?
Tax paid to the U.S. government
Tax paid to the Texas government
Tax paid federally
Tax paid stately
4
How do I know if a budget that I have created is balanced?
If there are more expenses than income
If expenses and income are equal
If there are more income than expenses
Budgets are NEVER balanced
5
What makes a debit card different from a credit card?
No PIN and deducted right away
No PIN and can be paid back later
PIN and can be paid back later
PIN and is deducted right away
6
Which tax would pay for S.A.W.S. to come fix a plumbing issue at your house?
Neither
Federal income tax
Taxes don't pay for S.A.W.S.
State income tax
7
Why is it important to keep a record of all of your transactions?
So you know about how much money you have to spend
It's not important to keep a record of transactions
So you always know exactly how much money you have to spend
8
How could I calculate my gross income?
Net income + $1,000
Net income + Payroll tax
Payroll tax - Gross income
Net income is the same as gross income
9
Which card borrows money from the bank to pay for items?
credit card
debit card
10
What is charged to credit cards if the balance is not paid on time?
Debt
Taxes
Interest
Income
11
What does state income tax pay for?
State-level companies/income (mayor's salary, water, school)
Charity and donations
The money disappears forever and pays for nothing
Country-wide companies/income (President's salary, CIA, FBI)
12
What does federal income tax pay for?
State-level companies/income (mayor's salary, water, school)
Charity and donations
Country-wide companies/income (President's salary, CIA, FBI)
The money disappears forever and pays for nothing
13
What is the easiest method to determine if a budget is balanced?
Add all income together, estimate expenses, compare
Add all expenses together, estimate income, compare
Add all income together, Add all expenses together, compare
Add all income together, subtract expenses individually
14
Which tax would pay for the salaries of everyone in the Senate and Congress?
State income tax
Neither
Federal income tax
Taxes don't pay for senators' or congressmen's salaries
15
Which tax would pay for repairs on a highway that goes through multiple states?
Federal income tax
State income tax
Taxes don't pay for highway repairs
Neither
16
What is Texas's state income tax?
Tax paid stately
Tax paid to the U.S. government
Tax paid to the Texas government
Tax paid federally
17
Which is more important to pay: federal income tax or state income tax?
Neither
Both are important and are mandatory to pay
state income tax
federal income tax

Financial Literacy Vocabulary Flashcards | StudBud