WorksheetsFinancial Literacy
Total questions: 10
Worksheet time: 14mins
Name
Class
Date
1.
Something that you pay is called....
a)
income
b)
an expense
c)
a profit
d)
savings
2.
money earned or received
a)
Expenses
b)
Income
c)
Deductions
d)
Check
3.
the total amount of personal income before taxes and deductions
a)
Net Income
b)
Gross Income
4.
Tax on the value of a house, building or land
a)
Sales Tax
b)
Property tax
c)
Income Tax
5.
Money paid to the government
a)
Budget
b)
Fees
c)
Taxes
d)
Food stamps
6.
the income that remains after taxes and other deductions
a)
Net Income
b)
Gross income
7.
Jonathan's new clothes cost a total of $572.50 before tax. What type of tax does Jonathan have to pay for his new clothes?
a)
Income Tax
b)
Property Tax
c)
Payroll Tax
d)
Sales Tax
8.
If Sammy’s expenses are greater than his income, what must he do to balance his budget?
a)
Earn more money
b)
Spend less money on expenses
c)
Earn more money AND spend less
d)
None of the above
9.
Money you receive before taxes is called:
a)
gross income
b)
net income
c)
pay day
d)
bank loan
10.
Which of these is not an example of property tax?
a)
Tax paid on the value of a farm a person owns
b)
Tax paid on the value of a piece of land a person owns
c)
Tax paid on the value of a piece of furniture a person owns
d)
Tax paid on the value of a home a person owns
100 %
