How is Gross income different than Net income?

Gross income is $ earned BEFORE taxes and Net is AFTER taxes

How can you balance your budget if your expenses are more than your income?

You can spend less on things you don't need.

money withheld by employers from income earned by employees

money collected when people buy goods or services

What is a disadvantage (something bad) about using a credit card INSTEAD of a debit card?

You have to pay interest on a credit card

Can Charles afford a more expensive car? Why or Why not?

Yes, because his expenses are less than his income

money filed once a year by people who work

What is property tax?

money paid by people who own land or property

What is one advantage (something good) about using electronic payments to pay your bills

You do not have to spend money on stamps to mail your bills

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Personal Financial Literacy

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5th grade financial literacy questions

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Questions 9

Answers

1
How is Gross income different than Net income?
Gross income helps the government but Net income doesn't
Gross income is $ spent on bad stuff & net is spent on good
Gross income is $ earned BEFORE taxes and Net is AFTER taxes
2
How can you balance your budget if your expenses are more than your income?
You can give more money to help others in need.
You can spend less on things you don't need.
You can go to the movies more often.
3
What is payroll tax?
money withheld by employers from income earned by employees
money paid by people who own land or property
money collected when people buy goods or services
4
What is sales tax?
money paid by people who own land or property
money collected when people buy goods or services
filed once a year by people who work
5
What is a disadvantage (something bad) about using a credit card INSTEAD of a debit card?
Money comes out of your account faster
The bank doesn't like it when you use your credit card
You have to pay interest on a credit card
6
Can Charles afford a more expensive car? Why or Why not?
Yes, because he will look cooler if he has a new car
Yes, because his expenses are less than his income
No, because his expenses are more than his income
7
What is income tax?
money filed once a year by people who work
money collected when people buy goods or services
money withheld by employers from income earned by employees
8
What is property tax?
filed once a year by people who work
money paid by people who own land or property
money collected when people buy goods or services
9
What is one advantage (something good) about using electronic payments to pay your bills
You do not have to spend money on stamps to mail your bills
You do not have to carry cash with you.
The money comes out of your account faster.

Personal Financial Literacy Flashcards | StudBud