Financial Literacy

Money paid to the government that is used to pay for things we need(schools, roads, hospitals, etc.) are called

• Taxes
• Income

Jonathan's new clothes cost a total of $572.50 before tax. What type of tax does Jonathan have to pay for his new clothes?

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

Tags

CCSS.7.RP.A.3

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

Homeowners must pay ________ based on the value of their homes.

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

What statement defines gross income?

• Gross income is the amount of income after taxes are paid.
• Gross income is the amount of taxes paid.
• Gross income is the amount of income before taxes are paid
• Gross income is the amount of income of buying goods and services

Leon earns $15 per hour. He worked 40 hours last week and earned $600. He received a paycheck of $475. What type of tax did he pay?

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

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

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

Kyle needs to pay his electric bill. He wants to send his payment through the mail. Which payment is he most likely to use?

• credit card
• Debit card
• Electronic payment
• Check

a bankcard linked to an individual’s checking account 

• debit card
• credit card
• check card
• electronic card