Susanne bought a rug for her home. Which tax did she pay as part of the total cost for the rug?

Susanne bought a rug for her home. Which tax did she pay as part of the total cost for the rug?

• Income tax

• Payroll tax

• Property tax

• Sales tax

Answer explanation

Susanne paid sales tax as part of the total cost for the rug. Sales tax is a consumption tax imposed on the sale of goods and services.

Tags

CCSS.RI.5.2

CCSS.RI.6.2

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RL.6.1

Which of these is NOT an example of a property tax?

• Tax paid on the value of a farm a person owns

• Tax paid on the value of a piece of land a person owns

• Tax paid on the value of a piece of furniture a person owns

• Tax paid on the value of a home a person owns

Answer explanation

The tax paid on the value of a piece of furniture is not an example of a property tax as it is typically not subject to property tax assessments.

A definition of a financial term is shown in the box. Which term best fits this definition?

• Payroll tax

• Property tax

• Sales tax

• Gasoline tax

Answer explanation

The term that best fits the definition of a financial term is Payroll tax, which is a tax imposed on employers or employees, usually based on wages or salaries.

A definition of a financial term is shown in the box. A tax on retail products based on a set percentage of retail cost Which term best fits this definition?

• Income tax

• Payroll tax

• Property tax

• Sales tax

Answer explanation

The term that best fits the definition of a tax on retail products based on a set percentage of retail cost is Sales tax.

Tags

CCSS.6.RP.A.3B

Ms. Parvin pays a tax every year because she owns a house. Which term best describes this tax?

• Income tax

• Payroll tax

• Sales tax

• Property tax

Answer explanation

Ms. Parvin pays a tax for owning a house, which is known as property tax. This tax is specifically levied on real estate properties owned by individuals.

Cheyenne works 15 hours a week at the movie theater. She earns $8 an hour. Which statement about her weekly income is true?

• Her net income is more than $120.

• Her gross income is less than $120.

• Her net income is less than $120.

• Her gross income is more than $120.

Answer explanation

Cheyenne's net income is less than $120 because her gross income is calculated as 15 hours * $8 = $120, but she will have deductions for taxes or other expenses.

Tags

CCSS.7.EE.B.3

Which of these statements about gross income and net income is true?

• Gross income is a tax on all income that a worker earns, and net income is a tax paid by an employer based on a worker's wages.

• Gross income is a tax paid by an employer based on a worker's wages, and net income is a tax on all income that a person earns.

• Gross income is the amount an employee is paid after deductions and taxes, and net income is the total amount an employee earns before deductions are applied.

• Gross income is the total amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.

Answer explanation

Gross income is the total amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.

Penelope earns $450 each month. Penelope made a list of her expenses for the month of May. 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

Answer explanation

Answer Explanation highlighting the correct choice: Decrease her budgeted amount for entertainment by $20

Tags

CCSS.7.EE.B.3

Spencer needs to balance his April budget. 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

Answer explanation

To balance his budget, Spencer should decrease his entertainment costs by $10, which will help him stay within his budget for the month.

Tags

CCSS.7.EE.B.3

This month Mando's expenses are greater than his income. What are two actions Mando can take in order to balance his budget?

• Increase expenses and decrease income

• Decrease expenses and decrease income

• Decrease expenses and increase income

• Increase expenses and increase income

Answer explanation

Mando should decrease expenses and increase income to balance his budget. Increasing expenses and decreasing income would worsen the situation.

Tags

CCSS.6.NS.C.7C