Financial Literacy

Financial Literacy

Assessment

Flashcard

Mathematics

5th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What is a budget?

Back

A budget is a plan that outlines how much money you expect to earn and how much you plan to spend over a certain period.

2.

FLASHCARD QUESTION

Front

What does it mean to have a balanced budget?

Back

A balanced budget means that your income is equal to your expenses, so you are not spending more than you earn.

3.

FLASHCARD QUESTION

Front

What is gross income?

Back

Gross income is the total amount of money earned before any deductions or taxes are taken out.

4.

FLASHCARD QUESTION

Front

What is net income?

Back

Net income is the amount of money you take home after all deductions and taxes have been subtracted from your gross income.

5.

FLASHCARD QUESTION

Front

What is a property tax?

Back

Property tax is a tax paid by property owners based on the value of their property.

6.

FLASHCARD QUESTION

Front

What is an expense?

Back

An expense is any cost or payment that you incur, such as rent, food, or entertainment.

7.

FLASHCARD QUESTION

Front

What is income?

Back

Income is the money that you earn from work, investments, or other sources.

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