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Financial Literacy Quiz Flashcards | StudBud
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Financial Literacy Quiz
Financial Literacy Quiz
20 terms
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#math #staar #5thgrade #financialliteracy
Flashcards
20 cards
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Questions
20
Answers
1
This is GREATER than net income.
Gross income
Net income
Income tax
Payroll tax
2
Olivia purchased a new backpack for $13.00. She paid the cashier a total of $14.07 with tax. What tax did she pay?
sales tax
payroll tax
income tax
property tax
3
Mr. Speaks owns 5 buildings downtown. He will be paying $5,673 in taxes. What type of tax will he be paying?
sales tax
payroll tax
income tax
property tax
4
A tax that an employer or company withholds from its employees' paychecks (boss pays).
Income tax
Sales tax
Property tax
Payroll tax
5
Evan has the following deductions: $50 for medicare and $30 for insurance. What is the total amount of deductions?
$80
$30
$90
$44
6
A tax paid for a good or service that you buy.
Payroll tax
Property tax
Income tax
Sales tax
7
If Matthias made $550 in gross income and his deductions were $150, what is his net income?
$325
$450
$700
$400
8
What is a deduction?
gross income
net income
money taken out of your income
money added to your income
9
Marco pays social security and medicare taxes for his employees. What type of tax is he paying?
income tax
payroll tax
sales tax
property tax
10
Isaias' owns a lawn mowing business. He pays $575 in taxes for his 3 employees. What type of tax does he pay?
payroll tax
sales tax
property tax
income tax
11
A tax paid on money earned from a job.
Payroll tax
Property tax
Sales tax
Income tax
12
The amount before the taxes have been withheld.
Income tax
Gross income
Net income
Payroll tax
13
The amount of money a person gets paid in their paycheck (take home pay).
Payroll tax
Gross income
Net income
Income tax
14
Your parents pay $3,500 every year for the value of your home. What type of tax is this?
payroll tax
property tax
income tax
sales tax
15
This is LESS than the gross income.
Gross income
Income tax
Payroll tax
Net income
16
The total amount of money a person earns from working.
Net income
Income tax
Gross income
Payroll tax
17
Noah earns $4,567 before taxes. This is an example of...
Gross Income
Payroll
Deductions
Net Income
18
This is the amount after the taxes have been withheld.
Payroll tax
Gross income
Net income
Income tax
19
A tax paid on something you own such as a house, land, or building.
Sales tax
Payroll tax
Property tax
Income tax
20
Mona wants to purchase a video game for $33. She hands the cashier $36 for taxes. What tax is Mona paying?
income tax
property tax
payroll tax
sales tax
