PFL Review Quiz

So far this month Nancy has the expenses and income shown in the chart.

Nancy’s Current Budget

Expenses Income

Clothes .........................$40 Lawn mowing ................$30

Food ............................$60 Babysitting ...................$50

Movie tickets .................$30 Car washing ..................$25

Garage sale ...................$35

Nancy wants to buy some music online but also have a balanced budget. Based on Nancy’s current budget, what is the greatest amount of money she can spend on music?

• $10

• $35

• $140

• $5

Tags

CCSS.7.EE.B.3

A definition of a financial term is shown in the box.

-A tax on retail products based on a set percentage of retail cost-

Which term best fits this definition?

• Income Tax

• Payroll Tax

• Property Tax

• Sales Tax

Tags

CCSS.6.RP.A.3C

Which of these is NOT an example of a property tax?

• Tax paid on the value of a farm a person owns

• Tax paid on the value of a piece of land a person owns

• Tax paid on the value of a piece of furniture a person owns

• Tax paid on the value of a home a person owns

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 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.

Tags

CCSS.RI.4.7

CCSS.RI.5.7

CCSS.RI.6.7

CCSS.RL.5.7

CCSS.RL.6.7

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

• Income Tax

• Sales Tax

• Property Tax

• Payroll Tax

Tags

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

This month Jiovany’s expenses are greater than his income. What are two actions Jiovany 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

Tags

CCSS.7.NS.A.2A

CCSS.7.NS.A.2B

Ms. Vonn’s monthly budget is shown in the chart. She receives two paychecks per month.

Ms. Vonn’s Budget

Income Expenses

Work paycheck.........$1200 House payment ........... $900

Work paycheck........$1200 Car payment ...............

Utilities ....................... $350

Groceries .................... $250

Gas ............................ $200

Insurance ................... $150

Retirement savings ...... $250 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.7.EE.B.3

A definition of a financial term is shown in the box.

A tax that includes Social Security and Medicare taxes and is paid by an employer

Which term best fits this definition?

• Payroll Tax

• Income Tax

• Property Tax

• Sales Tax

Ray likes to use cash when he buys Fruit Slushee's at the corner store. What is an advantage of using cash to buy things?

• Ray can spend borrowed money with cash.

• Ray likes cash because it is accepted everywhere, even online purchasing.

• Ray is spending money that he knows he has.

• Ray carries his cash because it is safer than putting it in a bank.

Tags

CCSS.RI.5.2

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RI.4.2

CCSS.RL.6.1

Shelly bought a new summer outfit. She used her credit card to make the purchase. What is a disadvantage to using a credit card to buy items?

• Credit Cards are linked to your checking account.

• Paying with a credit card is borrowed money and Shelly will have to pay interest on her purchase.

• Shelly cannot spend more money than she has in her checking account.

• If the credit card is stolen, it can easily be used by anyone and cannot be tracked.

Tags

CCSS.RI.5.2

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RI.4.2

CCSS.RL.6.2