Envision Math Personal Financial Literacy 5th Grade

_______ is the total amount of money you earn.

• Gross income

• Net income

_______ is the amount of money you receive after deductions are subtracted.

• Gross income

• Net income

What is one advantage to using a check to pay for something?

• Fast & easy

• Works like a loan

• Safe way to mail a payment

What is one advantage to using a credit card to pay for something?

• Works like an electronic check

• Works like a loan

• Safe way to mail a payment

What is one advantage to using a debit card to pay for something?

• Fast & easy

• Works like a loan

• Safe way to mail a payment

_______ is paid whenever you buy things.

• Sales tax

• Property tax

• Income tax

Who pays taxes?

• Only adults pay taxes.

• Adults and kids pay taxes.

_______ is paid when you own property, such as a home.

• Sales tax

• Property tax

• Income tax

_______ is paid when you have income.

• Sales tax

• Property tax

• Income tax

Governments use tax money to pay for things like roads and schools.

• True

• False