Financial Literacy Practice

Financial Literacy

Budget Practice

Multiple Choice

Mr. Evans employer pays Medicare and Social Security on his behalf. What type of tax is this?

• Property Tax

• Sales Tax

• Income Tax

• Payroll Tax

Multiple Choice

Mrs. Sims pays tax based on the value of the home she owns each year. What type of tax is this?

• Property Tax

• Sales Tax

• Income Tax

• Payroll Tax

Multiple Choice

Jessica bought a bag of chips that cost $0.99, but when she paid for the chips at the register the total was $1.07. What type of tax did she pay?

• Property Tax

• Sales Tax

• Income Tax

• Payroll Tax

Multiple Choice

Paul had money taken out of his paycheck that is a percentage of his salary. The money went to the federal government. What type of tax is this?

• Property Tax

• Sales Tax

• Income Tax

• Payroll Tax

Multiple Choice

The total amount of income before paying taxes or other deductions is

• Net Income

• Gross Income

• Payroll Tax

• Income Tax

Multiple Choice

The income that remains after paying taxes or other deductions

• Net Income

• Gross Income

• Payroll Tax

• Income Tax