Financial Literacy 5th grade TAG

Which tax does your employer pay for you?

• income tax

• payroll tax

• property tax

• sales tax

Gross income is your income before medicare, FICA, and Social Security are taken out.

• true

• false

Credit cards are different than debit cards because credit cards are actually____________ you the money.

• password

• borrowing

• debitting

• loaning

Tags

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Credit cards charge _______if you don't pay your full bill at the end of the month

• loan money

• debit

• interest

• taxes

When balancing a simple budget you have two columns...

• expenses and income

• debit and credit

• password and PIN

• gross and net

Tags

CCSS.7.NS.A.1C

Which is not a solution when you are about to go over budget?

• Use a coupon or find a sale price

• Have a garage sale

• Cut down on luxury items

• spend more

Transferring money means......

• send debt to IRS

• send balance to another credit card or account

• declare bankruptcy

• pay transfer tax

Debit cards

• take money directly from your bank account to pay for expenses

• loan you money

• put charges on a credit card to be paid later

• erase debt

Positive credit scores help you....

• qualify for loans

• qualify to make large purchases

• demonstrate reliability in paying bills

• all of the above

What can cause a low credit score?

• Having a lot of credit cards that are all being paid on time.

• Not paying back money

• having more than one job

• having a lot of payments