Personal Financial Literacy

Ms. Vonn's monthly budget is shown in the chart. She receives two paychecks per month. Ms. Vonn's budget is balanced every month. How much is Ms. Vonn's monthly car payment?

• $2,400

• $300

• $500

• $2,100

Tags

CCSS.4.OA.A.3

This month Mando’s expenses are greater than his income. What are two actions Mando can take in order to balance his budget?

• Increase expenses and decrease income.

• Decrease expenses and decrease income.

• Decrease expenses and increase income.

• Increase expenses and increase income.

Ms. Parvin pays a tax every year based on the value of the home she owns. Which term best describes this tax?

• Income tax

• Payroll tax

• Sales tax

• Property tax

Mr. Espinoza earned $62,500 last year at his job. He paid the federal government $11,756 in taxes on the money he earned. The money he paid the government is an example of which kind of tax?

• Income Tax

• Sales Tax

• Property Tax

• Payroll Tax

Tags

CCSS.7.RP.A.3

Which of the following 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.

• 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 amount an employee is paid after deductions and taxes, and net income is the total amount an employee earns before deductions are applied.

• Gross income is the total amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.

Ms. Garcia began working at a publishing company on January 1, 2013. She was told by her boss that she would earn $6,400 each month. On February 1, 2013 Ms. Garcia received her first paycheck in the amount of $5,250 which was $1,150 less than the amount her boss said she would earn. Which number in the situation above represents Ms. Garcia’s net income in dollars?

• $6,400

• $5,250

• $2,013

• $1,150

Tags

CCSS.7.EE.B.3

Money earned before taxes and other deductions are withdrawn. _______________________

• Income Tax

• Sales Tax

• Gross Income

• Net Income

Tax on something you buy. _____________________

• Property Tax

• Sales Tax

• Payroll Tax

• Property Tax

Tags

CCSS.6.RP.A.3B

Tax paid by the employee based on money earned from a job. _________________

• Property Tax

• Net Income

• Gross Income

• Income Tax

Money earned after taxes and other deductions are withdrawn. _______________________

• Gross Income

• Income Tax

• Net Income

• Balanced Budget