Understanding Taxes and Budgeting

What is the money you receive before any deductions or taxes called?

• Net Income

• Gross Income

• Salary

• Allowance

Tags

TEKS.MATH.5.10B

Which type of tax is applied when you purchase goods or services?

• Income Tax

• Payroll Tax

• Sales Tax

• Property Tax

Tags

TEKS.MATH.5.10A

What is the main difference between a credit card and a debit card?

• Credit cards require a PIN, debit cards do not.

• Debit cards allow you to borrow money, credit cards do not.

• Credit cards allow you to borrow money, debit cards use your own money.

• Debit cards have higher interest rates than credit cards.

Tags

TEKS.MATH.5.10C

What is the money you receive after all deductions and taxes called?

• Gross Income

• Net Income

• Salary

• Bonus

Tags

TEKS.MATH.5.10B

Which of the following is a disadvantage of using a credit card?

• You can earn rewards.

• You can build credit history.

• You may incur interest charges if not paid in full.

• You can make purchases online.

Tags

TEKS.MATH.5.10C

If your expenses exceed your income, what is one action you might take to balance your budget?

• Increase your spending.

• Ignore the difference.

• Reduce unnecessary expenses.

• Take a vacation.

Tags

TEKS.MATH.5.10E

Which type of tax is typically deducted directly from your paycheck?

• Sales Tax

• Property Tax

• Income Tax

• Payroll Tax

Tags

TEKS.MATH.5.10A

What is one advantage of using electronic payments?

• They are always free of charge.

• They are faster and more convenient than cash or checks.

• They do not require internet access.

• They cannot be tracked.

Tags

TEKS.MATH.5.10C

• Increase your income by $50.

• Spend more money.

• Ignore the extra $50.

• Borrow money to cover the difference.

Tags

TEKS.MATH.5.10E

Which type of tax is based on the value of your home?

• Income Tax

• Payroll Tax

• Sales Tax

• Property Tax

Tags

TEKS.MATH.5.10A