Financial Literacy Test

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Taxes are - 

• Money given to you by the government
• Free money to you
• Money you must pay to the government
• Money in someone's piggy bank

Tags

CCSS.7.RP.A.3

CCSS.7.NS.A.3

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

Tags

CCSS.7.RP.A.3

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Tags

CCSS.7.RP.A.3

Which of these is NOT an example of 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

• Income Tax

• Sales Tax

• Payroll Tax

• Property Tax

Tags

CCSS.7.RP.A.3

What is the document written by the Founding Fathers in 1787 that explains the rules for running our government?

• United States Constitution

• Federal Government

• Congress

• Guide to the Government

Tags

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

Nick delivers pizza for extra money while he finishes high school. He earns about $60 on a typical night. What kind of tax will Nick have to pay on what he earns delivering pizzas?

• Income Tax

• Sales Tax

• Payroll Tax

• Property Tax

Tags

CCSS.7.RP.A.3

• Income Tax

• Sales Tax

• Payroll Tax

• Property Tax

Sally owns a gas station.  What type of tax will she have to pay on the land that the gas station is on? 

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

Tags

CCSS.7.RP.A.3