Financial Literacy

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Taxes are - 

• Money given to you by the government
• Free money to you
• Money you must pay to the government
• Money in someone's piggy bank

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Which of these is NOT an example of 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

• Income Tax

• Sales Tax

• Payroll Tax

• Property Tax

Nick delivers pizza for extra money while he finishes high school. He earns about $60 on a typical night. What kind of tax will Nick have to pay on what he earns delivering pizzas?

• Income Tax

• Sales Tax

• Payroll Tax

• Property Tax

Sally owns a gas station.  What type of tax will she have to pay on the land that the gas station is on? 

• Property Tax
• Payroll Tax
• Income Tax
• Sales tax

Cheyenne works 15 hours a week at the movie theater. She earns $8 an hour. Which statement about her weekly income is true? Hint: $15 x 8 = $120

• 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.

• Income Tax

• Sales Tax

• Payroll Tax

• Property Tax