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5th grade Texas Financial Literacy Flashcards | StudBud
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5th grade Texas Financial Literacy
5th grade Texas Financial Literacy
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1
Income taxes are paid by _____ and based on ______.
Employee, income
Employer, purchase of goods/services
Employer, taxes
Employer, income
2
Fill in the missing information.
earned, spent
gross, net
gross, spent
net, gross
3
Shondra has an annual salary of $60,000. Which term best describes Shondra's salary of $60,000?
gross income
net income
4
What does having a balanced budget mean?
Income does not exceed expenses
There is no income, only expenses
Income and expenses equal
Expenses do not exceed income
5
Payroll taxes are paid to...
emergency workers
federal government
local government
schools
6
Which form of payment is the best to use for online purchases?
credit card
cash
debit card
check
7
Payroll taxes are used for...
Medicare and Social Security
Medicare and Military
roads and local government
education and roads
8
Which term best describes sales taxes?
Taxes paid by a consumer based on purchase of goods/services
Taxes paid by property owners based on the property owned
Taxes paid by the employer based on employee wages
Taxes paid by an individual based on their earnings
9
When you use your __ card for payment, you are borrowing money from a financial institution.
insurance
credit
checking account
debit
10
What is an advantage of using a check?
It can act as a receipt of payment
It can take time to receive the funds from the person's bank
It has the date on it
It takes a long time to fill out
11
Which of the following best describes income tax?
A tax on wages
A tax on good and services
A tax on earnings
12
What is a disadvantage of paying with a check?
Someone can easily forge your signature if you lost your checks
You have to sign the check
Money is borrowed from a financial instutition
Money comes directly from your bank account
13
When you use a ___ card for payment, the money comes directly from your bank account.
debit
credit
identification
14
Which is Tonya's gross income?
50,000
50.000
40,000
40.000
15
If Nina stops babysitting, which of the following would be correct?
Nina's budget will be balanced
Nina will have to increase her expense to balance her budget
Nina will have to reduce her expenses to balance her budget
16
Which term best describes taxes paid by an individual based on his or her earnings?
payroll tax
income tax
17
What can Jerry do to balance his budget?
Jerry can reduce his income by $5
Jerry's budget is already balanced
Jerry can reduce his expenses by $5
