Personal Financial Literacy (MCE)

Personal Financial Literacy (MCE)

5th Grade

10 Qs

quiz-placeholder

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Personal Financial Literacy (MCE)

Personal Financial Literacy (MCE)

Assessment

Quiz

Mathematics

5th Grade

Hard

Created by

Richard Silva

Used 6+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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