Financial Literacy
Flashcard
•
Mathematics
•
5th Grade
•
Practice Problem
•
Hard
+9
Standards-aligned
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Income Tax?
Back
A percentage of an individual's income that is paid to the government.
2.
FLASHCARD QUESTION
Front
What is Tax?
Back
Money required of individuals and businesses to fund government services.
3.
FLASHCARD QUESTION
Front
What is Gross Income?
Back
The total amount of money earned before any taxes are deducted.
4.
FLASHCARD QUESTION
Front
What is a Budget?
Back
A plan for how money is used, including income and expenses.
5.
FLASHCARD QUESTION
Front
What is Net Income?
Back
The amount of money earned after taxes have been deducted.
6.
FLASHCARD QUESTION
Front
What is Payroll Tax?
Back
A tax that employers withhold from employees' paychecks to fund social security and Medicare.
7.
FLASHCARD QUESTION
Front
What is Property Tax?
Back
A tax based on the value of owned property, usually paid to local governments.
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