Financial Literacy TEKS 5.10

Caroline bought a car and paid $27,500 including tax. The actual cost of the car was $25,000. Which statement best describes the difference between the actual cost of the car and the amount Caroline paid?

• Caroline paid $2,500 in property tax.

• Caroline paid $2,500 in income tax.

• Caroline paid $2,500 in payroll tax.

• Caroline paid $2,500 in sales tax.

Tags

CCSS.5.NBT.B.7

Which of these are examples of a property tax?

Select TWO correct answers.

• Tax paid on the value of a piece of furniture a person owns

• Tax paid on the value of a farm a person owns

• Tax paid on the value of a necklace a person owns

• Tax paid on the value of a home a person owns

A definition of a financial term is shown below.

***A tax on retail products based on set percentage of retail cost**

Which term best fits this definition?

• Income tax

• Payroll tax

• Property tax

• Sales tax

Alex worked 13 hours at Hamburger Heaven in one week. He earned $9.00 an hour.

 

Complete the statement to describe Alex’s net income.

Alex’s net income was...

•  ...less than  $117, because net income is the total amount an employee earns after deductions and payroll taxes are applied.                        

•  ...greater than  $117, because net income is the total amount an employee earns before deductions and payroll taxes are applied.

• ...equal to $117, because net income is the total amount an employee earns when payroll tax is paid by the employer.

•  ...greater than  $117, because net income is the total amount an employee earns before deductions and payroll taxes are applied.

Tags

CCSS.6.RP.A.3D

Cheyenne works 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.

Tags

CCSS.5.NBT.B.5

CCSS.5.NBT.B.7

Penelope earns $450 each month. Penelope made a list of her expenses for the month of May.

 

 

Which change can Penelope make to balance her budget for the month of May?

• Increase her budgeted amount for savings by $20

• Decrease her budgeted amount for entertainment by $20

• Increase her budgeted amount for food by $10

• Decrease her budgeted amount for clothing by $10

Tags

CCSS.5.NBT.B.7

Lucy made a table to budget her money for the next 4 months.

Based on the information in the table, what is the best way for Lucy to balance her budget for December?

• Eliminate savings in December

• Reduce her expenses in December

• Ask her parents for more money

• Apply for a loan in December

Robert follows a monthly budget in order to manage the money he receives from 4 paychecks each month.   If Robert maintains a balanced budget, what is the largest amount he can save each month?

• $240

• $320

• $480

• $420

Ginny works 20 hours a week at the library. She earns $11 an hour. Read the statements about Ginny's weekly income. 

 

Select THREE true statements.

• Ginny's gross income is more than $220

• Ginny's net income is less than $220

• Ginny's net income is the sum of her gross income and her payroll taxes

• Ginny's gross income is greater than her net income

• If Ginny's expenses exceed her income, she could spend less in order to balance her budget.

Tags

CCSS.5.NBT.B.5

CCSS.5.NBT.B.7

Jace is purchasing a bicycle for $198 through an online store. The cost for shipping the bicycle is $18.50. He is considering two methods of payment.

Credit Card: 5 payments of $44 each plus a $2.50 fee for each payment

Check: $198 plus a $12 processing fee

With the additional shipping fee, which method of payment should Jace use in order to save the most money?

• Credit card, because Jace will save $10 

• Credit card, because Jace will save $22.50

• Check, because Jace will save $22.50

• Check, because Jace will save $27.50

Tags

CCSS.5.NBT.B.7