Financial Literacy Review

Reasons for making a budget include:

• To keep track of your income and expenses.
• To achieve your long term goals. 
• To have a spending plan.
• All of the above choices are correct. 

Which situation shows a financially responsible citizen?

•  Purchasing an expensive automobile you CANNOT afford.
• Only buying items that you CAN afford
• Throwing money out the window.
• Hiding your money under your mattress. 

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

What is the current amount of money in an account?

• Certificate of deposit (CD)
• Loan
• Transaction
• Balance

Tags

CCSS.4.MD.B.4

Mrs. Cave pays a tax every year because she owns a house. Which term best describes this tax?

• Income Tax
• Payroll Tax
• Sales Tax
• Property Tax

Tags

CCSS.RI.2.5

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

Which of these statements about gross income and net income is true?

• Gross income is a tax on all income that a worker earns, and net income is a tax paid by an employer based on a worker's wages.
• Gross income is a tax paid by an employer based on a worker's wages, and net income is a tax on all income that a person earns.
• Gross income is the total amount an employee is paid after taxes and deductions, and net income is the amount total amount an employee earns before taxes and deductions.
• Gross income is the total amount an employee earns before deductions and taxes, and net income is the amount an employee is paid after taxes and deductions.

Alex purchases 2 comic books for $5 each and a set of trading cards for $10. He gives the clerk $20, but he needs more money to pay for the tax. Which tax does Alex need to pay?

• Property tax
• Income tax
• Sales tax
• Payroll tax

Tags

CCSS.6.RP.A.3B

Mrs. Andrews gets a paycheck each month for teaching 5th grade science. The type of tax she pays to the government based on her salary is called _

• Payroll tax
• Property tax
• Sales tax
• Income tax

Tags

CCSS.L.4.6

CCSS.RI.4.4

CCSS.RI.5.4

CCSS.W.4.2D

CCSS.W.5.2D

If you buy a T-shirt on a credit card, what must you do?

• Nothing
• Thank the credit card provider
• Buy another T-shirt
• Pay back the money at the end of the month

A card linked directly to your checking account is a ______________.

• charge card
• credit card
• debit card
• loyalty card

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

A spending and saving plan based on your expected income and expenses

• contract
• warranty
• budget