Duplicate of 5th Grade Financial Literacy Vocabulary Review

Question 1

The total amount of personal income prior to taxes and deductions

Accepted Answer

Gross Income

Question 2

I own 5 apartment buildings that I rent out. What type of tax do I pay on these buildings?

Accepted Answer

Property Tax

Question 3

I went and bought a new television and had to pay $90 in taxes. What type of tax is this?

Accepted Answer

Sales Tax

Question 4

I bought an Xbox game that was $60. I ended up paying almost $66 after tax. What tax did I pay?

Accepted Answer

Sales Tax

Question 5

I own a gas station. I will have to pay ____ tax on the land and gas station building

Accepted Answer

Property Tax

Question 6

The school district takes money out of my check monthly. What type of tax is this?

Accepted Answer

Payroll Tax

Question 7

The income that remains after taxes and other deductions are taken from a person's gross income

Accepted Answer

Net income

Question 8

I own a Taco Bell and pull money from my employees paychecks to pay this type of tax is this?

Accepted Answer

Payroll Tax

Question 9

The amount of money collected on the value of a property for the local government

Accepted Answer

Property Tax

Question 10

Travis earned $42,000 last year and paid $6,000 in taxes on what he earned. What tax is this?

Accepted Answer

Income Tax

Question 11

I make 90,000 a year and I have to file my taxes by April 15. What tax is this?

Accepted Answer

Income Tax

Question 12

Money collected by a store, in addition to a good or service that was purchased

Accepted Answer

Sales Tax

Question 13

The amount of money that a company withholds from its employees

Accepted Answer

Payroll Tax

Questions 13