Financial Literacy

Ways To Pay

100

Advantage or disadvantage: If you lose your credit card, you can call the bank to cancel the card and order a new one 

Advantage

200

Venmo or apple pay would be what form of payment

Automatic/Electronic Payments 

300

When you dont have enough money to pay, which payment method do you use?

credit 

400

What are the 5 different forms of payment?

Check, Cash, Debit Card, Credit Card, Electronic/Automatic Payment

500

Which form of payment provides a space for people to record expenses?

Check

Taxes

100

What is the yearly tax that you pay on property you own?

Property tax 

200

What are the 4 different types of tax we learned about 

Income, Payroll, Sales, and Property Tax

300

What kind of tax is the total tax taken out of your pay stub?

Payroll tax

400

True or False: Income tax is the tax taken from your gross income by the federal government 

True 

500

List three examples of sales tax 

ANY 3 GOODS AND SERVICES YOU BUY

Budgeting

100

What does it mean to have a balanced Budget 

when your expenses equal your income

200

If you budgeted for $40 in expenses, how much would my income need to be 

$40

300

Is this a balanced budget? 

No 

400

How much money would Mrs. Russell need to make babysitting to make a balanced budget? 

$18

500

If Mrs. Russell makes $50 selling cupcakes and $40 babysitting, what would her weekly expenses be?

$90

Income

100

The total amount of earnings you have before taxes

Gross Income

200

Describe a way to find the difference between gross income and net income 

~ Net Income-Gross Income=Total Taxes(payroll tax) ~Gross Income-Total Tax(payroll tax) = Net Income 

~ Net Income + Total Tax (payroll tax) = Gross Income

300

The amount of money you make after income and payroll tax 

Net Income 

400

True or False: Sterling earns 300 dollars a week at his job. His paycheck is for 263 dollars. 263 dollars is his net income.

TRUE

500

True or False: Income tax is the tax paid to your employer on your paycheck. 

False 

Surprise

100

Paying INTEREST is a disadvantage of what kind of payment?

Credit Cards

200

A PIN number would be used with what 

debit card 

300

What type of account earns interest ?

Savings Account

400

What is the money that you put into a debit or savings account?

Deposit

500

True or False: Dalton buys a pack of gum and a bottled water. The tax he pays on the items is called property tax, because it is his property.

False