Financial Literacy Quiz

The income that is left after taxes.

• Budget

• Gross income

• Sales tax

• Net income

The money added to the cost of items or services.

• Income tax

• Sales tax

• Property tax

• Payroll tax

The total income before any taxes are taken out is

• Gross income

• Net income

• Property tax

• Sales tax

Money that is paid to the U.S. government based on earnings.

• Income tax

• Property tax

• Sales tax

• Payroll tax

Maura pays $0.02 in sales tax for every $1 that she spends. If Maura buys $6 worth of items, what is the total costs?

• $6.00

• $0.02

• $0.12

• $6.12

Raul pays property tax in Dallas. On which of the following might Raul pay property tax?

• clothing

• office building

• salary

• groceries

The Perry family's monthly net income is $2,900. They budgeted $1,200 for rent, $600 for food, $600 for clothing, $500 for entertainment, and $200 for travel expenses. Which of the following actions results in a balanced budget?

• Increase spending on food by $100.

• Decrease spending on food by $20.

• Decrease spending on entertainment by $200.

• Increase spending on entertainment by $200.