Personal Financial Literacy

Front

What is the tax on the value of a house, building, or land called?

Back

Property Tax

Front

If the sales tax rate in Texas is 8%, how much will Mr. Jacobs pay in total for a doll priced at $150?

Back

$162.00

Front

What are expenses that change from month to month called?

Back

Variable expenses (e.g., emergency costs, vacations, car repairs, etc.)

Front

What type of tax do homeowners pay on their property?

Back

Property tax

Front

What is the term for money taken out of your income?

Back

Deductions

Front

What is the purpose of property tax?

Back

To fund local government services such as schools, roads, and public safety.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant each month, while variable expenses fluctuate.

Front

What is a common example of a fixed expense?

Back

Rent or mortgage payments.

Front

What is a common example of a variable expense?

Back

Groceries or entertainment costs.

Front

How do you calculate the total cost of an item including sales tax?

Back

Multiply the purchase price by the sales tax rate and add it to the original price.