Unit 3

Taxes...

• fund the military

• fund public roads

• are required payments to the fovernment

• all of the above

The amount of money on your pay stub before ​ (a)   are deducted is called gross income.

• payroll taxes
• property taxes
• sales taxes

Reorder the following

• Gross income

• - deductions

• = net income

Katie went to the store to buy a new hat. The hat cost $12 but the cashier said she owed $13.02 because of

• property tax

• income tax

• payroll tax

• sales tax

Michael's income is $1,200 per month. Last month, his expenses totaled $1,365. Which of the following could he change to balance his budget?

• Not pay his water bill this month

• Spend less on shoes

• Spend less on gasoline

• Buy more lottery tickets

Which expense is easiest to change when trying to balance a budget?

• Money spent on your electricity bill

• Money spent on school supplies

• Money spent on your car payment

• Money spent on eating fast food

What can he do so that his budget is balanced?

• Increase his savings this month by $10

• Increase his allowance by $5

• Decrease his piano lessons by $5

• Decrease his entertainment costs by $10

Amelia’s net income for the month is $2,135. How much money does she have for other expenses?

• $3,535

• $1,400

• $885

• $735

Which change can Penelope make to balance her budget for the month of May?

• Increase her budgeted amount for savings by $20

• Decrease her budgeted amount for entertainment by $20

• Increase her budgeted amount for food by $10

• Decrease her budgeted amount for clothing by $10

Maria has to pay ​ (a)   on the rental properties she owns.

• property tax
• income tax
• sales tax
• payroll tax