Financial Literacy

Mrs. Eason bought some clothes at a department store and paid $157.95 for her new clothes. What type of tax does she have to pay for his clothes?

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

Which action should Taiz take to balance her budget if her expenses exceed her income?

• Take out a loan to buy a new car
• Stop eating out at restaurants
• Stop paying monthly bills
• Get a second job

Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck? 

• Anthony should save $30 from each paycheck.
• Anthony should save $20 from each paycheck.
• Anthony should save $10 from each paycheck.
• Anthony should save $5 from each paycheck.

What defines income tax?

• A government tax required on goods and services
• A local government tax for real estate based on the value of a property
• A tax based on an employee's salary
• A tax charged on a person's annual income

What is an advantage to use a debit or a credit card?

• They are both accepted in most places as a form of payment
• They are both linked to an individual's credit score
• There are usually no limits on the amount of money available for purchase
• There are usually no fees assessed for using these cards

Nicholas has $585 in his bank account. His expenses consist of a $150 cell phone payment, $75 for food, and $90 for his internet bill. He also wants to buy his favorite video game and wants to save $65 for the game. Nicholas wants to be sure he is within his budget because he wants to buy his mother a birthday gift. How much money will Nicholas have left in his bank account to buy his mother a gift? Will he have enough?

• $205; no he doesn't have anough
• $335; no he doesn't have enough
• $205; yes he has enough
• $355; yes he has enough

Which of the following is considered an advantage to using a debit card to make purchases?

• Debit cards are convenient and easy to carry around.
• Purchases can be made quickly and easily.
• You can use many ATMs to get cash.
• All of the above.

A disadvantage of paying with a debit card is:

• Don't have to carry cash
• A thief can steal the card
• It's a quick form of payment
• It has no disadvantages

Clodomiro received a paycheck for $685 after taxes and deductions. What type ofincome did Clodomiro receive?

• Net income
• Gross income
• Payroll income
• None of the above

Damian has $585 in his bank account. His expenses consist of a $150 cell phone payment, $75 for food, and $90 for his internet bill. He also wants to buy his favorite video game and wants to save $65 for the game. Damian wants to be sure he is within his budget because he wants to buy his mother a birthday gift. How much money will Damian have left in his bank account to buy his mother a gift? Will he have enough?

• $205; no he doesn't have anough
• $335; no he doesn't have enough
• $205; yes he has enough
• $355; yes he has enough