Financial Literacy Vocab

Tax due on April 15th.

• sales tax

• income tax

• property tax

• state tax

Which tax is generally associated with home ownership?

• income tax

• sales tax

• property tax

• capital gains tax

Which tax is imposed on goods and services at the point of sale?

• income tax

• sales tax

• property tax

• inheritance tax

Louis's dad pays a tax to the federal government each year based off the money he earns from his business. What type of tax is Louis' dad paying?

• Payroll tax

• Sales tax

• Property tax

• Income tax

Tags

CCSS.RI.5.2

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RL.6.1

CCSS.RI.4.2

Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?

• Payroll tax

• Property tax

• Sales tax

• Income tax

Tags

CCSS.7.RP.A.3

What is sales tax applied to?

• Income earned from a job

• Purchases of goods and services

• Ownership of property

• Corporate profits

Tags

CCSS.6.RP.A.3C

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

Tags

CCSS.3.OA.D.9

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

Tags

CCSS.7.RP.A.3

Net Income is?

• After Tax

• Before Tax

• Sales Tax

• Property Tax

Tags

CCSS.7.RP.A.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 amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.