WorksheetsFinance and Taxes Worksheet
Total questions: 45
Worksheet time: 22hrs 31mins
What is a budget?
A type of tax
A bank account
A plan of income and expenses
A loan
Why is a budget useful?
To earn interest
To control money and expenses
To increase taxes
To buy stocks
What is income?
Money you borrow
Money you save
Money you earn
Money you spend
Which is a fixed expense?
Food
Electricity
Rent
Entertainment
Which expense is usually variable?
Mortgage
Rent
Internet
Food
What are variable expenses?
Expenses paid once a year
Expenses that never change
Expenses that change over time
Taxes
What is a tax?
Money saved in a bank
Money paid to the government
Money borrowed from a bank
Company profit
What is a direct tax?
A tax included in prices
A tax paid directly by people or companies
A tax on products only
A local tax
Which of the following is a direct tax?
VAT (IVA)
Income Tax (IRPF)
Tourist Tax
Fuel tax
What is Personal Income Tax (IRPF)?
A tax on company profits
A tax on products
A tax on personal income
A tax on houses
What is Corporate Tax (Impuesto de Sociedades)?
A tax paid by workers
A tax on company profits
A tax on consumption
A tax on inheritance
What is Wealth Tax (Impuesto sobre el Patrimonio)?
A tax on salaries
A tax on spending
A tax on personal wealth
A tax on companies
What is Inheritance and Gift Tax?
A tax on income
A tax on buying products
A tax on receiving money or property
A tax on fuel
What is an indirect tax?
A tax paid directly to the government
A tax on income
A tax included in the price of goods
A tax only for companies
Which of the following is an indirect tax?
Income Tax
Corporate Tax
VAT (IVA)
Wealth Tax
What is VAT (IVA)?
A tax on income
A tax on company profits
A tax included in the price of products
A tax on houses
What is Property Transfer Tax (ITP)?
A tax on salaries
A tax when buying second-hand property
A tax on savings
A tax on fuel
What is Plusvalía Tax?
A tax on cars
A tax on tourism
A tax on the increase in land value
A tax on income
What is Motor Vehicle Tax (IVTM)?
A tax on petrol
A tax for owning a vehicle
A tax on companies
A tax on houses
What is Tourist Tax?
A tax paid by residents
A tax paid when staying in tourist accommodation
A tax on flights
A tax on salaries
What is a loan?
Money you save
Money you earn
Money you borrow and repay
A tax
What is interest?
A discount
Extra money paid for borrowing
A tax
Savings
What is a mortgage?
A short-term loan
A loan to buy a house
A tax
Rent
One advantage of renting is:
You own the house
Less long-term commitment
No monthly payments
No costs
One advantage of a mortgage is:
No interest
You become the owner
No risk
You can move every month
What is an Income Statement (Profit & Loss Statement)?
Shows company debts
Shows cash movements
Shows profits and losses
Shows assets only
What does a Cash Flow Statement show?
Company taxes
Money coming in and going out
Company value
Stock prices
What does a Balance Sheet show?
Income and expenses
Cash only
Assets, liabilities, and equity
Sales
Budget Calculation A student earns €900 per month and spends €650. What is the monthly saving?
€150
€200
€250
€300
VAT Calculation A product costs €100 before VAT (21%). Final price?
€110
€121
€125
€130
Loan Interest You borrow €1,000 at 5% interest for one year. How much interest do you pay?
€25
€50
€75
€100
Supply & Demand Qd = 80 − 2P Qs = 20 + 2P Equilibrium price (P)?
10
12
15
20
Net Income Calculation Gross income: €30,000 Average tax rate: 20% Net income?
€20,000
€22,000
€24,000
€26,000
Company Profit Revenue = €50,000 Costs = €38,000 Profit?
€10,000
€12,000
€15,000
€18,000
Personal Income Tax Calculation (Catalonia) A worker in Catalonia earns a gross income of €100,000 per year. Spain Personal Income Tax Brackets (2025): • Up to €12,450 → 19% • €12,451 – €20,200 → 24% • €20,201 – €35,200 → 30% • €35,201 – €60,000 → 37% • €60,001 – €300,000 → 45% What is the approximate net income?
€60,000
€63,000
€66,000
€70,000
A student earns €1,200 per month. Monthly expenses are €850. How much does the student save each month?
€250
€300
€350
€400
A jacket costs €80 before VAT. VAT rate = 21%. What is the final price?
€88.00
€94.80
€96.80
€101.20
You borrow €2,000 at 4% annual interest for 1 year. How much interest do you pay?
€40
€60
€80
€100
Supply and Demand (Equilibrium) Demand: Qd = 120 − 3P Supply: Qs = 30 + 3P What is the equilibrium price (P)?
10
12
15
20
Net Income Calculation Gross salary = €25,000 Average tax rate = 18% What is the net income?
€19,500
€20,000
€20,500
€21,000
Company Profit Calculation A company has: • Revenue: €75,000 • Costs: €52,000 What is the profit?
€18,000
€21,000
€23,000
€25,000
Loan: €90,000 Time: 30 years Monthly payment ≈ €5 per €1,000 borrowed Monthly payment is approximately:
€350
€400
€450
€500
A family budget is: • Rent: 40% • Food: 30% • Transport: 15% • Entertainment: 15% If monthly income is €2,000, how much is spent on food?
€500
€550
€600
€650
Income Tax Bracket Calculation A worker earns €40,000 per year. Average tax rate = 25%. How much tax does the worker pay?
€8,000
€9,000
€10,000
€12,000
Cash Flow Calculation A company receives €12,000 and pays €9,500 in the same month. What is the cash flow?
−€2,500
€1,500
€2,000
€2,500
