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

Tags

CCSS.7.RP.A.3

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

Tags

CCSS.7.NS.A.3

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

Tags

CCSS.4.MD.A.2

A balanced budget means income equals...

• salary

• taxes

• expenses

• savings

Tags

CCSS.7.RP.A.3

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

Tags

CCSS.7.NS.A.1B

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

Tags

CCSS.7.NS.A.3

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

Tags

CCSS.6.NS.C.7C

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.

Tags

CCSS.6.RP.A.3B

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

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.4.3

CCSS.RI.5.3