Which term best describes payroll taxes?

Taxes paid by a consumer based on purchase of goods/services

What is an advantage of using a check?

It can act as a receipt of payment

What is a disadvantage of paying with a check?

It can be time consuming to fill out

Sales taxes are paid to ____ and used for _____.

local government, education, and emergency people

What can Jerry do to balance his budget?

Jerry can reduce his expenses by $5

If Nina stops babysitting, which of the following would be correct?

Nina will have to reduce her expenses to balance her budget

Tell all the ways that Cassandra can adjust her budget to save more monthly.

reduce her variable expenses, find additional sources of income

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5th grade Texas Financial Literacy

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Questions 20

Answers

1
When you use your __ card for payment, you are borrowing money from a financial institution.
credit
debit
checking account
insurance
2
Which of the following best describes sales tax?
A tax on earnings
A tax on wages
A tax on good and services
3
Which term best describes payroll taxes?
Taxes paid by a consumer based on purchase of goods/services
Taxes paid by the employer based on employee wages
Taxes paid by an individual based on their earnings
Taxes paid by property owners based on the property owned
4
What is an advantage of using a check?
It has the date on it
It can take time to receive the funds from the person's bank
It takes a long time to fill out
It can act as a receipt of payment
5
Which form of payment is the best to use for online purchases?
debit card
cash
credit card
check
6
What is a disadvantage of paying with a check?
It can be time consuming to fill out
Money is borrowed from a financial instutition
You have to sign the check
Money comes directly from your bank account
7
Payroll taxes are paid to...
local government
federal government
schools
emergency workers
8
What does having a balanced budget mean?
Income and expenses match
Expenses do not exceed income
There is no income, only expenses
Income does not exceed expenses
9
Sales taxes are paid to ____ and used for _____.
local government, retirement and local programs, & education
Federal government, education, and emergency people
Federal government, military and federal programs
local government, education, and emergency people
10
A variable expense typically changes from month to month, true or false?
True
False
11
What can Jerry do to balance his budget?
Jerry's budget is already balanced
Jerry can reduce his expenses by $5
Jerry can reduce his income by $5
12
Shondra has an annual salary of $60,000. Which term best describes Shondra's salary of $60,000?
net income
gross income
13
Which term best describes taxes paid by an individual based on his or her earnings?
payroll tax
income tax
14
Fill in the missing information.
earned, spent
net, gross
gross, net
gross, spent
15
Income taxes are paid by _____ and based on ______.
Employer, purchase of goods/services
Employee, income
Employer, taxes
Employer, income
16
If Nina stops babysitting, which of the following would be correct?
Nina will have to reduce her expenses to balance her budget
Nina's budget will be balanced
Nina will have to increase her expense to balance her budget
17
Which is Tonya's gross income?
40.000
40,000
50.000
50,000
18
Payroll taxes are used for...
Medicare and Social Security
roads and local government
Medicare and Military
education and roads
19
When you use a ___ card for payment, the money comes directly from your bank account.
debit
identification
credit
20
Tell all the ways that Cassandra can adjust her budget to save more monthly.
increase her fixed expenses
reduce her variable expenses
find additional sources of income
reduce her income

5th grade Texas Financial Literacy Flashcards | StudBud