Module 17 Review

Dakota works 30 hours a week at the grocery store. She earns $7 per hour. Which statement about her weekly income is true.

• Dakota's net income is less than $210 per week.

• Dakota's net income is $210 per week.

• Dakota's gross income is less than $210 per week.

• Dakota's gross income is more than $210 per week.

Tags

510

Which of the following is a disadvantage to using debit card to make purchases? Select 3 answers.

• Debit cards can be lost or stolen.

• Fees may be charged for using an ATM at a different bank.

• Connected to bank account, so spending is limited.

• Purchases can be made quickly and easily.

• Debit cards are accepted most places.

Tags

510

A definition of a financial term is shown below.

A tax that the government collects from money a person earns.

Which term best fits this description?

• Income tax

• Property Tax

• Sales Tax

• payroll tax

Tags

5.10

Taxes that are paid to the government that are based on the value of the owner's home are called?

• property taxes

• Sales Taxes

• Income Taxes

• payroll tax

Tags

5.10

Which of the following is an advantage of paying with a credit card?

• You can purchase something now and pay for it later.

• fees and interest are charged on purches.

Tags

510

Which statement is true?

• Net income is less than gross income.

• Net income is greater than gross income.

• Gross income is equal to net income.

Tags

5.10

Jason finished his budget for the month and noticed that his expenses are greater than his income. Which action would be the best decision for Jason to balance his budget?

• Jason should not go to the movies.

• Jason should borrow money from a friend or family member.

• Jason should not pay his electric bill.

• Jaso should not buy groceries.

Tags

510

Match the following

• paid from your paycheck. Employer pays

• payroll tax

• retail or store

• income tax

• paid on what you earn. you pay

• property tax

• home or land

• sales tax

Tags

5.10

Communicate

Miranda earns $450.75 at her part-time job. She pays $98.12 in federal income tax and $12.00 in other taxes. How can you determine Miranda’s pay after taxes?

• Subtract the sum of the taxes from the total earnings.

• Subtract the amount earned from the sum of the taxes.

• Add all the taxes.

• Subtract only the federal income tax from the total earnings

Mark’s pay after taxes is $855.08. If his total earnings are $1,100, how much does Mark pay in payroll tax?

• $1,100

• $144.02

• $244.92

• $855.08