Financial Literacy Pre-Assessment

What is income tax?

• A tax on the sale of goods and services

• A tax on the money people earn from working

• A tax on property ownership

• A tax deducted from an employee's paycheck

Tags

TEKS.MATH.5.10A

Which of the following best describes gross income?

• The total amount of money earned before any deductions

• The amount of money left after all taxes and deductions

• The money received from selling goods

• The money spent on daily expenses

Tags

TEKS.MATH.5.10B

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

• Increase your spending

• Ignore the difference

• Reduce unnecessary expenses

• Borrow more money

Tags

TEKS.MATH.5.10E

Which of the following is a simple budget that balances?

Tags

TEKS.MATH.5.10F

What is one advantage of using a credit card?

• You pay interest on the money you spend

• You can build a credit history

• You have to carry cash

• You cannot track your spending

Tags

TEKS.MATH.5.10C

What is payroll tax?

• A tax on the sale of goods and services

• A tax on the money people earn from working

• A tax deducted from an employee's paycheck for social security and Medicare

• A tax on property ownership

Tags

TEKS.MATH.5.10A

What is net income?

• The total amount of money earned before any deductions

• The amount of money left after all taxes and deductions

• The money received from selling goods

• The money spent on daily expenses

Tags

TEKS.MATH.5.10B

Which of the following is a method to balance a budget when expenses exceed income?

• Increase your income by working extra hours

• Spend more on luxury items

• Ignore the budget

• Take a vacation

Tags

TEKS.MATH.5.10E

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

• You can spend more than you have in your account

• You can build a credit history

• You have to carry cash

• You cannot track your spending

Tags

TEKS.MATH.5.10C

What is property tax?

• A tax on the sale of goods and services

• A tax on the money people earn from working

• A tax on property ownership

• A tax deducted from an employee's paycheck

Tags

TEKS.MATH.5.10A