Financial Literacy

Income taxes are taxes paid to the _____________ on the money a person earns.

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

Property tax is a tax paid to a school district, city, or county by the owner of what? (check all that apply)

• House

• Building

• Farm

• Field

Which of the following is a tax that is added to the purchase (sale) of goods and services paid to a city, county or state?

• Sales Tax

• Payroll Tax

• Property Tax

• Income Tax

True or False: Payroll taxes are taken from your paycheck automatically.

• True

• False

Which of the following is an example of a fixed expense?

• monthly house payment

• vacations

• monthly birthday gifts

• monthly groceries

Which of the following is true of Variable Expenses? (select all that apply)

• You usually have to pay them every month

• They are the same every month

• The amounts are different from month to month

Gross income is the total amount of money earned ______ deductions and fees.

Tags

CCSS.RI.4.3

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

Net income is the amount of money left after subtracting what from gross income? (select all that apply)

• taxes

• fees

• balance

• none of the above

Tags

CCSS.7.RP.A.3

A _______ is a plan for spending money.

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

What needs to happen for a budget to be balanced?

• income < money spent

• income > money spent

• income = money spent