Financial Literacy Grade 5

What is the money called that is paid by a borrower to a lender for the use of the lender's money?

• Income
• Credit 
• Interest
• Purchase

Taxes help pay for:

• Public libraries

• Parks and playgrounds

• National Defense

• All of the above

The total tax an employer withholds to pay to the government.

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

Alex purchases 2 comic books for $5 each and a set of trading cards for $10. He gives the clerk $20, but he needs more money to pay for the tax. Which tax does Alex need to pay?

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

Leon earns $15 per hour. He worked 40 hours last week and earned $600. He received a paycheck of $475. What type of tax did he pay?

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

Kathy received a paycheck for $685 after taxes and deductions. What type of income did she receive?

• Net income
• Gross income
• Payroll income
• None of the above

Stephanie paid a total of $18.12 for two books that cost $8.50 each.  How much did she pay in sales tax?

• $0.12
• $1.12
• $2.12
• $9.62

Ari's net income for one pay period was $617.93.  His taxes totaled $74.28 and his other deductions totaled $58.25.  What was Ari's gross pay?

• $601.90
• $485.40
• $633.96
• $750.46

What statement defines gross income?

• Gross income is the amount of income after taxes are paid.
• Gross income is the amount of taxes paid.
• Gross income is the amount of income before taxes are paid
• Gross income is the amount of income of buying goods and services

money earned or received

• Expenses
• Income
• Deductions
• Check