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Financial Literacy Vocabulary

Financial Literacy Vocabulary

Assessment

Flashcard

Mathematics

5th Grade

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is Property Tax?

Back

A tax based on the value of real estate property, paid by property owners.

2.

FLASHCARD QUESTION

Front

What is Sales Tax?

Back

A tax added to the price of goods and services at the time of purchase.

3.

FLASHCARD QUESTION

Front

What is Income Tax?

Back

A tax imposed on individuals or entities based on their income or profits.

4.

FLASHCARD QUESTION

Front

What is Payroll Tax?

Back

A tax that employers withhold from employees' wages to fund social insurance programs like Social Security and Medicare.

5.

FLASHCARD QUESTION

Front

Why does Property Tax increase when a house's value increases?

Back

Because property tax is calculated based on the assessed value of the property.

6.

FLASHCARD QUESTION

Front

How is Sales Tax calculated?

Back

Sales tax is calculated as a percentage of the sale price of goods and services.

7.

FLASHCARD QUESTION

Front

What is the purpose of Income Tax?

Back

To fund government services and programs such as education, healthcare, and infrastructure.

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