Taxes and Budgets

Jasmine is buying 3 bags of chips for $2 each and a box drink for $4. The cashier says her total is $10.87. What tax is included in the total?

• Sales Tax

• Income Tax

• Payroll Tax

• Property Tax

Marissa bought a house that cost less than her old house. Which of the following will probably happen?

• Her payroll tax will increase.

• Her income tax will decrease.

• Her property tax will increase.

• Her property tax will decrease.

Jasmine received a paycheck for $450. When she looked at her pay stub, it showed that she had actually made $493. Which statement is true?

• Jasmine's net income was $493.

• Jasmine's gross income was $450.

• Jasmine's paycheck had $43 deducted.

• Jasmine's net income was $43.

Sam's net income is $594 each paycheck. His employer deducts $75 each pay period. How much is Sam's gross income for one pay period?

• $519

• $669

• $594

• $1,188

Daniel wants to go to a concert with his friends. His ticket will cost him $50. He has an income of $750 and his current expenses are $735. Which ONE of the following expenses could Daniel remove so that he can afford the ticket?

• His $25 water bill

• The $10 gift for his sister

• The $30 for fast food

• His $125 car note

Abby earned $375 on her last paycheck. She spends $37 on gas for her car and $98 on her electric bill. She also receives $45 for her birthday. Which of the following correctly identifies the expenses and income?

• The paycheck and electric bill are expenses.

  The gas and birthday gift are income.

• The paycheck and birthday gift are expenses.

  The electric bill and gas are income.

• The paycheck and birthday gift are income.

  The electric bill and gas are expenses.

• The electric bill and birthday gift are expenses.

  The gas and paycheck are income.

Which of the following would be recorded as an expense when balancing a budget?

• You sell a used dress for $15.

• You get an allowance of $10.

• You buy a $13.65 gift for your mom.

• You find $1.27 in change in the couch.

Marcus wants to join a gym. What adjustments would he need to make to keep his budget balanced with the new membership expense?

• Increase income and expenses

• Increase expenses or decrease income

• Decrease expenses and income

• Increase income or decrease expenses

Ryder needs to balance his budget. Which action would NOT help him create a balanced budget?

• Skip paying his car note

• Sell the extra couch in his garage

• Skip going to the movies with his friends

• Work some overtime at his job

Patricia earned $40 baby-sitting. She wants to buy a new dress for $18, shoes for $25, and a purse for $8. How much more money does Patricia need to earn to balance her budget?