Personal Financial Literacy (MCE)

Which of these is NOT an example of a property tax?

• Tax paid on the value of a farm a person owns

• Tax paid on the value of a piece of land a person owns

• Tax paid on the value of a piece of furniture a person owns

• Tax paid on the value of a home a person owns

Tags

CCSS.7.RP.A.3

A definition of a financial term is show below.

A tax that includes Social Security and Medicare taxes and is paid by an employer

Which term best fits this definition?

• Payroll tax

• Property tax

• Sales tax

• Gasoline tax

Tags

CCSS.6.RP.A.3C

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

Tags

CCSS.6.RP.A.3C

Ms. Parvin 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.7.RP.A.3

Cheyenne works 15 hours a week at the movie theater. She earns $8 an hour. Which statement about her weekly income is true?

• Her net income is more than $120.

• Her gross income is less than $120.

• Her net income is less than $120.

• Her gross income is more than $120.

Tags

CCSS.7.EE.B.3

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 a worker's wages.

• Gross income is a tax paid by an employer based on a worker's wages, and net income is a 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

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

Wanda's net income for the month of April was $2,438. The table shows her April budget except for an amount in the "Other" category.

What amount should be in the "Other" category in order for Wanda's April budget to be balanced?

Tags

CCSS.7.NS.A.3

So far this month Nancy has the expenses and income shown in the chart.

Nancy wants to buy some music online but also have a balanced budget. Based on Nancy's current budget, what is the greatest amount of money she can spend on music?

• $10

• $35

• $140

• $5

Tags

CCSS.7.EE.B.3

Ms. Vonn's monthly budget is shown in the chart. She receives two paychecks per month.

Ms. Vonn's budget is balanced every month. How much is Ms. Vonn's monthly car payment?

• $2,400

• $300

• $500

• $2,100

Tags

CCSS.7.EE.B.3