Gross vs net income

Gross vs net income

Assessment

Flashcard

Mathematics

5th Grade

Hard

CCSS
7.RP.A.3, L.2.4E, 6.NS.C.5

+6

Standards-aligned

Created by

Wayground Content

FREE Resource

Student preview

quiz-placeholder

15 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is Gross Income?

Back

The total amount earned before any deductions like taxes and payroll are taken out.

2.

FLASHCARD QUESTION

Front

What is Net Income?

Back

The amount of money left after all deductions, including taxes, have been subtracted from gross income.

Tags

CCSS.7.RP.A.3

3.

FLASHCARD QUESTION

Front

How is Gross Income calculated?

Back

Gross Income is calculated by adding up all earnings before any deductions.

Tags

CCSS.7.RP.A.3

4.

FLASHCARD QUESTION

Front

How is Net Income calculated?

Back

Net Income is calculated by subtracting taxes and other deductions from Gross Income.

Tags

CCSS.7.RP.A.3

5.

FLASHCARD QUESTION

Front

Why is Net Income important for budgeting?

Back

Net Income is important for budgeting because it represents the actual amount of money available to spend or save.

6.

FLASHCARD QUESTION

Front

What does it mean to have a higher Gross Income?

Back

A higher Gross Income means you earn more money before any deductions, but it doesn't reflect how much you actually take home.

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

7.

FLASHCARD QUESTION

Front

What deductions are typically taken from Gross Income?

Back

Common deductions include federal and state taxes, Social Security, and health insurance premiums.

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?