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WorksheetsFinancial Literacy - 5th grade
Total questions: 21
Worksheet time: 22mins
The price of the shirt is $45. The total cost of the shirt is $47.95.
Income/Payroll Tax
Sales Tax
Property Tax
The value of a house is $250,000. the yearly tax on the house is $7,500.
Income/Payroll Tax
Sales Tax
Property Tax
A deduction is
gross income
money added to your income
net income
money taken out of your income
Gross income is:
the total amount of money you earn
the amount of money you receive after decuctions are subtracted
the total amount of money you spend
sales taxes on items you buy
Net income is:
the total amount of money you earn
the amount of money you receive after deductions are subtracted from your gross income
the amount of money that is taken away in the form of taxes
the hourly rate of pay
Marco has the following deductions listed.
Federal Income tax: $44
Social Security tax: $23
Medicare tax: $5
Health Insurance: $24
What is the total amount of his deductions?
$39
$67
$91
$96
David's gross income: $127.25
David's deductions: $25.20
David's net pay: ?
$102.05
$102.45
$112.05
$152.45
Yvonne's gross income: ?
Yvonne's payroll deductions: $251.18
Yvonne's net income:$451.82
HINT: Work backwards
$703
$200.64
$954.18
$25,812.00
When you make a withdrawal or take money out of your savings account, you ______________ the amount of money in your account.
multiply
divide
add
subtract
When you make a deposit or put money into a bank account, what happens to the amount in your account?
The amount increases
The amount decreases
There is no change
None of the above
Why is it important to create a budget and keep track of your spending throughout the month?
So you know if you can afford to buy a new puppy
So you ensure you do not spend more money than you take in each month
So that you can track how much money you make
So that you know when you can go on vacation
Expenses that stay the same every month are _________ expenses. Rent would be an example.
fixed
not necessary
variable
flexible
If your income is $20 per month, how much should you spend each month to stay on budget?
exactly $20
between $20 and $30
nothing
$20 or less
Lydia's monthly income is $1,800. Her monthly budget allows for HALF her income to be spent on groceries, art supplies, and savings. Last month Lydia saved $500.
How much money did she have left for groceries and art supplies if she stayed within her monthly budget?
$400
$300
$500
$1,300
Payroll tax
is put toward Medicaid
is put toward Social Security and Medicare
goes to the employer
goes to the employee
Amy’s salary has a net income of $315 per week. If she pays $40 in income tax
and $25 in payroll tax, how could Amy determine her gross income? Why?
315 – 40 – 25 = $250
Net income minus all deductions equals gross income.
315 + 25 = $340
Net income plus payroll tax deductions equals gross income.
315 + 40 = $355
Net income plus income tax deductions equals gross income.
315 + 40 + 25 = $380
Net income plus all deductions equals gross income.
