2.4 Where does your money go?

What are the first three letters of your first name?

• ABC

• DEF

• GHI

• first three letters of your first name

What are the first three letters of your last name?

• ABC

• XYZ

• DEF

• first three letters of your last name

On what month and day were you born?

• January 1st

• February 14th

• March 3rd

• April 1st

Why do people pay taxes?

• to pay the government for private goods

• to be gifted to business owners

• to be deducted by banks

• to pay for the things government provides to people

Select the true statement. a. Gross pay is how much money you have after taxes are taken out. b. Net pay is the amount of money you receive in your paycheck. c. Gross pay is divided by the tax percentage to equal net pay. d. Net pay is multiplied by gross pay to find your tax amount.

• Gross pay is how much money you have after taxes are taken out.

• Net pay is the amount of money you receive in your paycheck.

• Gross pay is divided by the tax percentage to equal net pay.

• Net pay is multiplied by gross pay to find your tax amount.

If your income for one week is $200 and your tax rate is 5 percent, what is your net pay? 200 – (0.05 × 200) = _____

• $205

• $195

• $190

• $100

Which option is a private good or service?

• fire station

• school

• government office

• grocery store

One example of philanthropy is ________.

• doing volunteer work

• playing with friends

• paying your bills

• shopping for family