Financial Literacy 1
Total Income = Total expenses
What is a balanced budget?
the amount of money collected on the value of a property for the local government as required by law
What is property tax
the amount of money collected by a store, in addition to the good or service that was purchased, for the local government as required by law
What is sales tax?
If Sara worked 35 hours and she earns $13 per hour, what was her gross income?
What is $455
A disadvantage of using electronic payment for bills.
What is internet access.
net income
the income that remains after taxes and other deductions are taken from an individual's gross income
Money taken out or subtracted.
What is deduction?
Talia hired Bonnie and Oliver to work in her pizza restaurant. What kind of tax will Talia need to pay for hiring people?
What is payroll tax
If Sofia earned $250 but took home $192. What were her total deductions?
What is $58.
This method of payment does NOT give you a record of money spent.
What is cash?
This tax is the amount of money that a company withholds from its employees for the federal government as required by law.
What is payroll tax?
gross income
What is the total amount of personal income prior to taxes and deductions
A plan for how much income will be received and how it will be spent.
What is a budget?
Noah is the owner of the indoor soccer building. What kind of tax will he need to pay the government?
ONE advantage of paying with a credit card
What is
fast
easy
accepted almost everywhere
Gross Income $126.35
Deductions $35.30
Net Income?
What is $91.05
When you put money into your bank account.
What is a deposit?
Adam's total income is $475. His total expenses are $425. How much money can he save?
What is $50?
Jacob's net income was $350. What is his gross income if the total amount of the deductions was $72.50
What is $422.50?
I used this method of payment to pay $900 for airline tickets.
What is credit card or debit card?
If Santiago bought a football that cost $21.50 but ended up paying $23.43, what kind of tax did he pay.
What is sales tax?
Gross income minus deductions equals...
What is net income?
Rosalie works for Amazon. What kind of taxes does Rosalie need to pay for being an employee?
What is income tax?
The formula to find the gross income.
What is rate x hours?
This method of payment takes time and is not accepted in some places.
What is a check