5th Gr. STAAR Released Questions for Financial Literacy

Front

What is property tax?

Back

A tax paid on the value of property owned, such as land or buildings.

Front

Which of the following is NOT a property tax?

Back

Tax paid on the value of a piece of furniture a person owns.

Front

What is payroll tax?

Back

A tax that employers withhold from employees' wages to fund social security and Medicare.

Front

What is sales tax?

Back

A tax imposed on sales of goods and services, usually calculated as a percentage of the sale price.

Front

What is income tax?

Back

A tax on an individual's earnings from work or investments.

Front

What is a balanced budget?

Back

A budget where total income equals total expenses.

Front

If Nancy has $35 income and $25 expenses, how much can she spend on music to keep a balanced budget?

Back

$10.

Front

Wanda's net income is $2,438. If her expenses total $2,335, what should be in the 'Other' category for a balanced budget?

Back

$103.

Front

What is the purpose of taxes?

Back

To fund government services and programs.

Front

What is an example of a direct tax?

Back

Income tax.