Personal Finance

The amount of money that a person earns working at their job is called ______________.

• Interest

• Income

• Tax

• Credit

Tags

CCSS.6.NS.B.3

Which statement is true about gross income?

• Gross income is the amount of money you take home after taxes and insurance

• Gross income is the amount of taxes taken out of your paycheck

• Gross income is what your earn before taxes

• None of the above

Tags

CCSS.6.RP.A.3B

Larry works 13 hours this week after school washing cars. He earns $74 but gets $19 in taxes deducted from his paycheck. Therefore, he takes home $55. The $55 check is an example of his ___________ income.

• gross

• net

• tax

• sales

Tags

CCSS.7.EE.B.3

Sylvia has the following deductions on her paycheck every month:

1. Insurance: $345.33

2. Medicare: $239.97

3. Social Security: $84.23

If her net pay is $2,876.50, what is her gross pay?

*Be sure to include a dollar sign ($), comma, and decimal point in your answer.

Tags

CCSS.6.NS.B.3

If payroll taxes and insurance were not deducted from your gross income, how would your net income change?

• It would decrease

• It would increase

• It would stay the same

Tags

CCSS.7.NS.A.1B

Martin gets paid twice a month (every two weeks). His net income is $745.76 every pay check. What would be his total net income every month?

*Be sure to include a dollar sign ($), comma, and decimal point in your answer.

Tags

CCSS.7.EE.B.3

What is a possible way for Ryan to save extra money every month?

• Pay less on his mortgage (fixed expense)

• Pay less toward his health insurance (fixed expense)

• Spend less on variable expenses (wants)

• None of the above

On Lacy's receipt from the clothing store, she finds her bill is an extra $2. What kind of tax was added?

• Property Tax

• Income tax

• Sales Tax

• Payroll Tax

Tags

CCSS.6.RP.A.3D

What type of taxes are paid to the federal government and due by April 15th every year?

• Property Tax

• Income Tax

• Sales Tax

• Payroll Tax

Tags

CCSS.6.RP.A.3B

Caleb planned an 8 week budget. He typically makes $46.00 every week walking dogs around the neighborhood. He went on vacation for a week, so he missed out on walking dogs that week. How much did he earn during his 8 week budget period?

*Be sure to include a dollar sign ($), comma, and decimal point in your answer.

Tags

CCSS.7.EE.B.3