Financial Literacy

Select all disadvantages of using a credit cared to make payments.

• Debt is created.

• Fees and interest may be charged.

• Debt is sometimes difficult to repay.

• There are no disadvantages.

• Convenient and easy to use.

When you make a deposit or put money into a bank account, what happens to the amount in your register? (a)  

• The amount increases.
• The amount decreases.
• There is no change.
• None of the above.

Tags

CCSS.6.NS.B.3

Arthur wants to remodel his home by building a pool in the backyard. Which term best describes the tax that will be affected by the pool addition?

• Payroll tax

• Income tax

• Property tax

• Not here

Margaret bought an item for $100, but when she saw her receipt, she realized that she actually paid $108.20. Which statement best describes the reason why Margaret paid over $100 for the item? (a)  

• She paid sales tax.
• She paid payroll tax.
• She paid income tax.
• She paid property tax.

Tags

CCSS.6.RP.A.3B

Angela had her first job in a grocery store. She was able to work 10 hours at a rate of $12.00 per hour and make $120 for the week. However, her pay check was for the amount of $96.00. Which of the following describes this amount? (a)  

• Gross Income
• Net Income
• Both a and b
• None of the above

Tags

CCSS.6.RP.A.3B

Which of the following describes gross income?

• Gross income is the amount of taxes paid.

• Gross income is the amount of income after taxes are paid.

• Gross income is the amount of income before taxes are paid.

• Gross income is the amount of income for buying goods and services.

Tags

CCSS.7.RP.A.3

John was offered a job with a salary of $500 a week.  When he received his first paycheck, the amount was $412.  Based on this information, which statement might explain the reason for the difference between his $500 salary and his $412 paycheck?

• His gross income was $412 but his net income was $500 because taxes were deducted.

• His gross income was $500 but his net income was $412 because taxes were deducted.

• His gross income was $500 but he received only $412 after his rent was deducted.

• His gross income was $412 because he did not work the entire week.

Tags

CCSS.6.RP.A.3B

A tax on retail products based on a set percentage of retail cost is ____.

Tags

CCSS.6.EE.B.6

Which definition matches gross income?

• The amount of money made after deductions are taken out

• Money that you collect

• The amount of money made before deductions are taken out

• money that is earned as a result of work

Which definition matches Net income?

• money that is earned as a result of working

• The amount of money made before deductions are taken out

• The amount of money made after deductions are taken out

• Money that you collect