Pre-Assessment Financial Literacy 5th Grade

A definition of a financial term is shown below.
_{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

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

(a)  

Which of the following is an example of a "need"?

(a)  

The total tax an employer withholds to pay to the government.

• Property Tax
• Sales Tax
• Income Tax
• Payroll 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

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C