Financial Literacy Review

1

A financial term is defined in below.

A tax that is added to the cost of goods and services.

Which term best matches this definition?

1

Three students describe gross income and net income.

* Sarah says that net income is the income that is earned before taxes are taken and gross income is the income after taxes are taken.

* Roland says that gross income is the income that is taken from the net income.

* Felix says that gross income is the income that is earned before taxes are taken and net income is the income after taxes are taken.

Which student made a correct statement about the types of income?

1

A financial term is defined in the box below.

A tax that is based on a person's earnings and is paid to the federal government.

Which term best matches this definition?

1

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.

Which method of payment best fits the characteristics in the chart?

1

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.

Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

1

Mr. Jones explained that the tax withholdings are taken out by his employer.

Which term best describes this tax?

1

Lilly bought several items at the grocery store. She found that her total should have been $45.19, but she paid $48.92 at the register. Which term describes the additional fee Lilly paid?

1

Erica describes a method of payment to her classmates as follows:

- The user does not need to carry cash.
- The user can gain good credit.
- The user is charged with interest fees.
- Money is not taken from a bank account.

Which method of payment is Erica describing?

1

Mrs. Baker owns a home in her home town and land in the country. Each year, she must pay a tax for the value of both the home and the land. What is the name of the tax that she must pay each year?

1

Clay begins working his first job at the mall. His manager tells him that he will be earning $14.50 per hour and he will work 20 hours per week. Clay calculates that he will earn $580.00 each paycheck. Clay's paycheck shows only $440.50 for him to put into his bank account.

Clay's employer explains that some money is deducted for things such as taxes. What term describes the $580.00 that Clay earns before deductions?

6

Match each term with the definition that best describes it.

Money paid once a year to the government, based on how much is earned; mainly used to fund activities and serves the public
The amount of money earned after all taxes, insurance costs, etc. are taken out
Money paid by individuals or businesses who own land or property; money raised from this tax is mainly used for road repairs, building of local schools, etc.
The amount of money earned before all taxes, insurance costs, etc. are taken out
Money collected based on the cost of items purchased; each state sets its own retail tax, which is collected accordingly
A tax that includes Social Security and Medicare taxes and is paid by an employer

Sales tax
Payroll tax
Income tax
Property tax
Gross income
Net income

1

Which of these is NOT an example of sales tax?

1

What is payroll tax?

1

Financial Literacy Review

A financial term is defined in below.

A tax that is added to the cost of goods and services.

Which term best matches this definition?

A financial term is defined in the box below.

A tax that is based on a person's earnings and is paid to the federal government.

Which term best matches this definition?

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.

Which method of payment best fits the characteristics in the chart?

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.

Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

Mr. Jones explained that the tax withholdings are taken out by his employer.

Which term best describes this tax?

Lilly bought several items at the grocery store. She found that her total should have been $45.19, but she paid $48.92 at the register. Which term describes the additional fee Lilly paid?

Erica describes a method of payment to her classmates as follows:

- The user does not need to carry cash.
- The user can gain good credit.
- The user is charged with interest fees.
- Money is not taken from a bank account.

Which method of payment is Erica describing?

Mrs. Baker owns a home in her home town and land in the country. Each year, she must pay a tax for the value of both the home and the land. What is the name of the tax that she must pay each year?

Match each term with the definition that best describes it.

Which of these is NOT an example of sales tax?

What is payroll tax?

What definition best describes net income?

A financial term is defined in below.

A tax that is added to the cost of goods and services.

Which term best matches this definition?

A financial term is defined in the box below.

A tax that is based on a person's earnings and is paid to the federal government.

Which term best matches this definition?

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.

Which method of payment best fits the characteristics in the chart?

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.

Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

Mr. Jones explained that the tax withholdings are taken out by his employer.

Which term best describes this tax?

Lilly bought several items at the grocery store. She found that her total should have been $45.19, but she paid $48.92 at the register. Which term describes the additional fee Lilly paid?

Erica describes a method of payment to her classmates as follows:

- The user does not need to carry cash.
- The user can gain good credit.
- The user is charged with interest fees.
- Money is not taken from a bank account.

Which method of payment is Erica describing?

Mrs. Baker owns a home in her home town and land in the country. Each year, she must pay a tax for the value of both the home and the land. What is the name of the tax that she must pay each year?

Match each term with the definition that best describes it.

Which of these is NOT an example of sales tax?

What is payroll tax?

What definition best describes net income?

Financial Literacy Review

Financial Literacy Review

A financial term is defined in below.A tax that is added to the cost of goods and services.Which term best matches this definition?

A financial term is defined in the box below.A tax that is based on a person's earnings and is paid to the federal government.Which term best matches this definition?

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.Which method of payment best fits the characteristics in the chart?

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

Mr. Jones explained that the tax withholdings are taken out by his employer.Which term best describes this tax?

Lilly bought several items at the grocery store. She found that her total should have been $45.19, but she paid $48.92 at the register. Which term describes the additional fee Lilly paid?

Erica describes a method of payment to her classmates as follows: - The user does not need to carry cash. - The user can gain good credit. - The user is charged with interest fees. - Money is not taken from a bank account.Which method of payment is Erica describing?

Mrs. Baker owns a home in her home town and land in the country. Each year, she must pay a tax for the value of both the home and the land. What is the name of the tax that she must pay each year?

Match each term with the definition that best describes it.

Which of these is NOT an example of sales tax?

What is payroll tax?

What definition best describes net income?

A financial term is defined in below.A tax that is added to the cost of goods and services.Which term best matches this definition?

A financial term is defined in the box below.A tax that is based on a person's earnings and is paid to the federal government.Which term best matches this definition?

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.Which method of payment best fits the characteristics in the chart?

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

Mr. Jones explained that the tax withholdings are taken out by his employer.Which term best describes this tax?

Lilly bought several items at the grocery store. She found that her total should have been $45.19, but she paid $48.92 at the register. Which term describes the additional fee Lilly paid?

Erica describes a method of payment to her classmates as follows: - The user does not need to carry cash. - The user can gain good credit. - The user is charged with interest fees. - Money is not taken from a bank account.Which method of payment is Erica describing?

Mrs. Baker owns a home in her home town and land in the country. Each year, she must pay a tax for the value of both the home and the land. What is the name of the tax that she must pay each year?

Match each term with the definition that best describes it.

Which of these is NOT an example of sales tax?

What is payroll tax?

What definition best describes net income?

A financial term is defined in below.

A tax that is added to the cost of goods and services.

Which term best matches this definition?

A financial term is defined in the box below.

A tax that is based on a person's earnings and is paid to the federal government.

Which term best matches this definition?

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.

Which method of payment best fits the characteristics in the chart?

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.

Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

Mr. Jones explained that the tax withholdings are taken out by his employer.

Which term best describes this tax?

Erica describes a method of payment to her classmates as follows:

- The user does not need to carry cash.
- The user can gain good credit.
- The user is charged with interest fees.
- Money is not taken from a bank account.

Which method of payment is Erica describing?

A financial term is defined in below.

A tax that is added to the cost of goods and services.

Which term best matches this definition?

A financial term is defined in the box below.

A tax that is based on a person's earnings and is paid to the federal government.

Which term best matches this definition?

Mrs. Crane listed some advantages and disadvantages of a method of payment in the table.

Which method of payment best fits the characteristics in the chart?

Mr. Jones brought home the paycheck below and talked about the parts of it with his daughter.

Mr. Jones explained that he is able to use $1,158.37. What term describes this amount?

Mr. Jones explained that the tax withholdings are taken out by his employer.

Which term best describes this tax?

Erica describes a method of payment to her classmates as follows:

- The user does not need to carry cash.
- The user can gain good credit.
- The user is charged with interest fees.
- Money is not taken from a bank account.

Which method of payment is Erica describing?