HW 34.5 Fri Financial Literacy

Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying? 

• Sales Tax

• Property Tax

• Payroll Tac

• Income Tax

Which of the following is an advantage of using a credit card?

• Interest is charged for the use of a credit card.

• Consumers can purchase things now, and pay for them later in the event of an emergency.

• You could be a victim of identity theft.

Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?

• Gross Income

• Net Income

• Both Gross and Net Income

• None of the above

Jonathan's new clothes cost a total of $572.50 before tax. What type of tax does Jonathan have to pay for his new clothes?

• Income Tax

• Property Tax

• Payroll Tax

• Sales Tax

Amarise's salary has a net income of $235 per week. If she pays $30 in income tax and $15 in payroll tax, how could Juliette determine her gross income? Why?

• 235 – 30 – 15 = $190 Net income minus all deductions equals gross income.

• 235 + 15 = $250 Net income plus payroll tax deductions equals gross income.

• 235 + 30 = $265 Net income plus income tax deductions equals gross income.

• 235 + 30 + 15 = $280 Net income plus all deductions equals gross income.

Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck? 

• Anthony should save $30 from each paycheck.

• Anthony should save $20 from each paycheck.

• Anthony should save $10 from each paycheck.

• Anthony should save $5 from each paycheck.

Jenny just received her first paycheck. She noticed that after they deducted $30 for payroll taxes and $60 for medical insurance. Her net pay was $320. How much did Jenny make before the deductions were removed from her gross pay?

• $230

• $410

• $320

• $140

If Sammy’s expenses are greater than his income, what must he do to balance his budget?

• Earn more money

• Spend less money on expenses

• Earn more money AND spend less

• None of the above

Damian has $585 in his bank account. His expenses consist of a $150 cell phone payment, $75 for food, and $90 for his internet bill. He also wants to buy his favorite video game and wants to save $65 for the game. Damian wants to be sure he is within his budget because he wants to buy his mother a birthday gift. How much money will Damian have left in his bank account to buy his mother a gift? Will he have enough?

• $205; no he doesn't have anough

• $335; no he doesn't have enough

• $205; yes he has enough

• $355; yes he has enough

Which of the following is considered an advantage to using a debit card to make purchases?

• Debit cards are convenient and easy to carry around.

• Purchases can be made quickly and easily.

• You can use many ATMs to get cash.

• All of the above.