PFL Review

__________: Money paid once a year to the government, based on how much is earned; mainly used to fund activities and serve the public

• Payroll Tax

• Income Tax

• Property Tax

• Sales Tax

Tags

CCSS.7.RP.A.3

_________: The amount of money earned AFTER all taxes, insurance costs, etc. are taken out

• Gross Income

• Net Income

• Deposite

• Withdraw

Tags

CCSS.6.RP.A.3B

_________: Money paid by individuals or businesses who own land or property; money raised from this tax is mainly used for road repairs, building of local schools, etc.

• Sales Tax

• Income Tax

• Property Tax

• Payroll Tax

Tags

CCSS.7.RP.A.3

_________: The amount of money earned BEFORE all taxes, insurance costs, etc. are taken out

• Gross Income

• Net Income

• Deposite

• Withdraw

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

_________: Money collected based on the cost of items purchased; each state sets its own retail tax, which is collected accordingly

• Sales Tax

• Income Tax

• Property Tax

• Payroll Tax

Tags

CCSS.7.RP.A.3

__________: A tax that includes Social Security and Medicare taxes and is paid by an employer

• Payroll Tax

• Income Tax

• Property Tax

• Sales Tax

True or False?

Net income is the income that is earned before taxes are taken out and gross income is the income after taxes are taken out.

• True

• False

Tags

CCSS.7.RP.A.3

True or False?

Gross income is the income that is taken out from the net income.

• True

• False

True or False?

Gross income is the income that is earned before taxes are taken out and net income is the income after taxes are taken out.

• True

• False

Which type of payment is being described?

Advantages:

- Do not have to carry cash

- Money taken from the bank account

- No interest

Disadvantages:

- Service fees possible

- Have to remember 4-digit pin

• Check

• Electronic Check

• Credit Card

• Debit Card