Financial Literacy Quiz

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

• Payroll Tax

• Property Tax

• Sales Tax

• Gasoline Tax

• Income Tax

• Payroll Tax

• Property Tax

• Sales Tax

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

Sandra worked 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.

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.

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

• $10

• $35

• $140

• $5

• $2,400

• $300

• $500

• $2,100