5th Grade Personal Finance Review

Why is Mrs. Drake's net income is less than her gross income?

• Property tax is deducted

• Sales tax is deducted

• Payroll tax is deducted

• None of the above

Cori's income is $50 and her expenses are $70 for the month. What is the best way to balance her budget?

• Save $20 more that month

• Reduce her expenses by $20

• Ask for a $20 loan

• Quit working to eliminate her income

Mrs. Drake had $20 and went to Dirt Cheap. She spent $6.00 on a shirt, $2.75 on Christmas wrapping paper, and $5.45 on some craft supplies. How much money did Mrs. Drake have when she left Dirt Cheap?

• $5.80

• $4.80

• $6.80

• 5.65

A balanced budget means income equals...

• salary

• taxes

• expenses

• savings

Which of the following is true?

• Net salary plus income tax equal gross salary.

• Gross salary plus all deductions equals net salary

• Net salary minus all deductions equals gross salary

• Net salary plus all deductions equals gross salary

Mr. McBride bought some land. What type of tax did he pay?

• Property tax

• Income tax

• Land tax

• Payroll tax

Erik's income is $70 and his expenses are $50 for the month. What is the best way to balance his budget?

• Lower his income by $20 for the month

• Ask for a $20 loan from a friend

• Put $20 in savings that month

• Earn $20 more that month

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

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 worker's wages.
• Gross income is a tax paid by an employer based on a worker's wages, and net income in as 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. Hilbun pays a tax every year because she owns a house. Which term best describes this tax?

• Income Tax
• Payroll Tax
• Sales Tax
• Property Tax