Financial Literacy Quiz PART A

Lori's dad buys a gas grill. What type of tax does Lori's dad pay at the store?

• Payroll tax

• Sales tax

• Property tax

• Income tax

For which of the following might property taxes be used?

• Rangers for national parks

• Social security

• Uniforms for soldiers

• A new roof for the school

Which of the following taxes is withheld from each paycheck by an employer?

• Property tax

• Sales tax

• Payroll tax

• Not here

Deja earns $9 per hour working at a shoe store. Her paycheck last week was $204 for 25 hours of work. Which is a true statement about Deja's paycheck?

• Her net income was $213.

• Her gross income was $225.

• Her payroll taxes were $25.

• Her sales tax was $21.

John and Stan work as nurses in different hospitals. Their paycheck stubs for one pay period are shown.

• John's gross income is $381 less than Stan's gross income for this pay period.

• Stan's payroll tax is $29 more than John's payroll tax for this pay period.

• John's net income is $123 less than his gross income for this pay period.

• Stan's net income is $381 more than John's net income for this pay period.

Study each situation.

Alejandro's sister buys a bottle of shampoo that costs $3.99. With tax, the shampoo costs $4.32.

Every year before April 15, Flor's parents calculate the tax the federal government collects on their

earnings.

In addition to their current home, Terrence's family buys a lake house.

David's employer withholds taxes from his paycheck. The tax money helps fund federal programs like Social Security and Medicare.

Alejandro's sister pays ________.

• property tax

• income tax

• payroll tax

• sales tax

Study each situation.

Alejandro's sister buys a bottle of shampoo that costs $3.99. With tax, the shampoo costs $4.32.

Every year before April 15, Flor's parents calculate the tax the federal government collects on their

earnings.

In addition to their current home, Terrence's family buys a lake house.

David's employer withholds taxes from his paycheck. The tax money helps fund federal programs like Social Security and Medicare.

Flor's parents pay ________.

• property tax

• income tax

• payroll tax

• sales tax

Study each situation.

Alejandro's sister buys a bottle of shampoo that costs $3.99. With tax, the shampoo costs $4.32.

Every year before April 15, Flor's parents calculate the tax the federal government collects on their

earnings.

In addition to their current home, Terrence's family buys a lake house.

David's employer withholds taxes from his paycheck. The tax money helps fund federal programs like Social Security and Medicare.

Terrence's family's ________ will probably increase.

• property tax

• income tax

• payroll tax

• sales tax

Study each situation.

Alejandro's sister buys a bottle of shampoo that costs $3.99. With tax, the shampoo costs $4.32.

Every year before April 15, Flor's parents calculate the tax the federal government collects on their

earnings.

In addition to their current home, Terrence's family buys a lake house.

David's employer withholds taxes from his paycheck. The tax money helps fund federal programs like Social Security and Medicare.

David's employer withholds ________.

• property tax

• income tax

• payroll tax

• sales tax

________ is the amount an employee earns before deductions and taxes.