Financial Literacy

Simone has recorded her expenses this month in budget worksheet to the side. This month her income will be $400. Which of the following would be the best way for Simone to balance her budget?

• Reduce her clothing budget by $50.

• Reduce her cell phone bill by $40.

• Increase her candy/snacks budget by $10.

• Increase her car payment by $50.

Molly pays tax on the total amount of money she earned at her job. What kind of tax does this describe?

• Sales Tax

• Income Tax

• Property

  Tax

• Gross Income

Adam earns $1,900 each month. His living expenses total $1,520. After Adam puts $200 away in savings, he spends the rest of his earnings each month on personal items. Which amount of money does Adam spend on personal items?

• $380

• $580

• $180

• $280

Joe works 40 hours every week and makes $15 an hour. Which statement is true about his monthly income? Select two correct answers.

• His gross income is more than $600.

• His net income is less than $600.

• His net income is more than $600.

• His gross income is $600.

Victoria made a list of her expenses this month. Victoria's monthly income is $300. What can Victoria do to balance her budget this month?

• Victoria can spend $15 more on school supplies.

• Victoria can spend $10 less on entertainment.

• Victoria can spend $10 more on her cell phone bill.

• Victoria can spend $5 less on school supplies.

John has a monthly income of $2,500. His fixed expenses are $1,800, and he saves $300 each month. How much does John have left for discretionary spending?

• $400

• $500

• $600

• $700

Michael receives a paycheck of $2,000. He pays $300 in taxes. What type of tax is this?

• Property Tax

• Income Tax

• Sales Tax

• Capital Gains Tax

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.

• Gross pay

• Net pay

• Total pay

• Year-to-date pay

Your income does not cover your expenses. What can you do to better balance your budget? Select all that apply.

• Pay more taxes.

• Save money on variable expenses.

• increase income by working more hours.

• Use all your savings to cover your expenses.

Property Tax is....

• tax paid on the value of your house.

• tax paid on the value of a piece of land.

• tax paid on farm land.

• tax paid on items purchased