Taxes & More Taxes
Budget
Balance or Bust
Balance or Bust
How should I pay
for that?
for that?
Is my income GROSS or NET?
Financial Trivia
100
The check Dereck’s father received last week from his employer is shown below.
Which deduction best describes why Dereck’s father’s net income is for an amount lower than the amount shown under gross income?
A Sales tax deductions
B Parking deductions
C Payroll tax deductions
D Property tax deductions
Payroll tax deductions
100
The Jackson family decides to save $140.00 each month of their budget for a family vacation. Which of the following describes how to calculate the amount they would save in one year?
A.Divide $140.00 by 12.
B.Multiply $140.00 by 365.
C.Multiply $140.00 by 12.
D.None of the above.
C. Multiply $140.00 by 12.
100
Which of the following is an advantage of using a check to make payments?
A. You have to carry around a lot of money.
B. You increase your risk of losing money through accident or theft.
C. You have a record of purchases.
D. It is inconvenient.
C. You have a record of purchases.
100
The amount of money found by multiplying the number of hours worked by the hourly rate of pay is __________________________.
Gross Income
100
Angie’s balance forward is $217.58. Her checking account register shows payments of $25.00, $10.57, and $49.67. It also shows one deposit of $50.00. What is the amount of money in her bank account?
A $132.34
B $182.34
C $50.00
D None of the above.
B $182.34
200
Jonathan's new clothes cost a total of $253.50 before tax. What type of tax does Jonathan have to pay for his new clothes?
A Sales tax
B Income tax
C Payroll tax
D Property tax
A Sales tax
200
The Moore family takes home $3500 a month in income. The family spends $1050.00 of their income on fixed housing costs, which includes the mortgage payment and insurance. The family also budgets $700.00 of their income for food, a flexible expense. Their car breaks down, and they have to spend $750.00. How much money do they have left for other expenses?
$1,000.00
200
Which of the following is and advantage of using a credit card?
A. Interest is charged for the use of a credit card.
B. Consumers can purchase things now, and pay for them later.
C. You could be a victim of identity theft.
D. None of the above.
B. Consumers can purchase things now, and pay for them later.
200
Which of the following describes net income?
A. Net income is the amount of taxes that are paid.
B. Net income is the amount of income after taxes are deducted.
C. Net income is the amount of income before taxes are deducted.
D. Net income is the amount of income paid for goods and services.
B. Net income is the amount of income after taxes are deducted.
200
Angie’s balance forward is $117.58. Her checking account register shows payments of $15.00, $8.57, and $49.67. It also shows one deposit of $30.00. How should she record the transactions in her bank register?
A) She should add $73.24, and subtract $30.00.
B) She should subtract $30, and add $44.34.
C) She should subtract $44.34, and add $30.00.
D) None of the above.
C) She should subtract $44.34, and add $30.00.
300
Which of the following best defines income tax?
A
A local government tax for real estate based on the value of a property
B
A government tax required on goods and services
C
A personal tax charged on the money a person earns throughout the year
D
A state or federal tax paid by an employer based on an employee's salary
C
A personal tax charged on the money a person earns throughout the year
300
Colby created a 4-week budget plan. He usually earns $20.00 each week by mowing lawns for his family and neighbors. If Colby is sick one week and can't earn the $20.00, how much will he earn with his 4-week plan?
$60.00
300
Which of the following is an advantage to using a debit card to make payments?
A. You may forget to enter the amount of your purchase.
B. A debit card can be lost or stolen.
C. You may forget your pin.
D. None of the above.
D. None of the above.
300
Sarah has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?
Net Income
300
Miles' computer died and he doesn't have enough cash to purchase one to replace it. Which is the best way for Miles to purchase a computer on his budget?
A) Ask his landlord to ignore this month's rent
B) Convince his parents to sell him their computer
C) Don't pay one of his bills for this month
D) Apply for a loan with a deferred payment option
D) Apply for a loan with a deferred payment option
400
Last week, Tanya worked 23.86 hours at a rate of $10.50 an hour. After taxes, she took home a total of $203.16. Some of her pay was withheld by her employer to pay a tax. What kind of tax did the employer most likely use the withheld money to pay?
A Payroll tax
B Income tax
C Sales tax
D Property tax
A Payroll tax
400
One 4-week period the Reid family decides to shop around for "best buys" at different supermarkets. They are able to reduce the amount they spend on food from $700 that month to $615. How much money were they able to save?
$85.00
400
Which of the following is a disadvantage to using a debit card to make payments?
A. It can be lost or stolen.
B. Debit cards require a PIN.
C. There is a limit on the amount of money that can be used.
D.None of the above.
A. It can be lost or stolen.
400
Elana makes $17.21 an hour. If she works 40 hours a week, and has $56.66 deducted in payroll taxes, what is her net weekly income?
$631.74
400
Kayla’s weekly allowance is $10, so her monthly budget income is $40. She spends $28 on her lunch at school each month. The rest is for savings or to buy something she wants. Last week she saw a sticker album and bought it for $14.55. Now her budget is short. Which of the following is the best way for Kayla to balance her budget?
A) Increase her weekly allowance by $14.55
B) Use $2.55 from her savings
C) Use $14.55 from her savings
D) Sell the sticker album for $2.55
B) Use $2.55 from her savings
500
Keisha purchased a pair of sneakers in Maryland for $65.00 and paid 6% sales tax. Lea purchased the same pair of sneakers in New Jersey for $65.00 and paid 7% sales tax. Why did Lea pay more sales tax for her sneakers than Keisha?
A
New Jersey has a larger population than Maryland and must have a higher tax rate.
B
New Jersey residents can afford a higher rate of tax than Maryland residents.
C
Residents of New Jersey spend less money on consumer goods than residents of Maryland.
D
Tax laws in New Jersey require a higher rate of tax on consumer goods than Maryland tax laws.
D
Tax laws in New Jersey require a higher rate of tax on consumer goods than Maryland tax laws.
500
Hannah used a budget worksheet to help her keep track of her monthly expenses. She found that her income did not cover all of her expenses. Which of the following will help her create a better-balanced budget?
A. Hannah can find ways to save money in her variable expenses.
B. Hannah can earn extra money by working more hours, and finding a part time job.
C. Both A & B
D. None of the above.
C. Both A & B
500
Which of the following is a disadvantage of paying online.
A. Additional fees are not included.
B. There is not a possibility of identity theft.
C. You may forget your password or username.
D. None of the above.
C. You may forget your password or username.
500
Ashlynn makes $16.24 an hour, and worked 42 hour last week. After payroll taxes, her net income was $629.90. How many dollars were taken out in payroll taxes?
$52.18
500
Which of the following is and advantage of using a credit card?
A) Interest is charged for the use of a credit card.
B) Consumers can purchase things now, and pay for them later.
C) You could be a victim of identity theft.
D) None of the above.
B) Consumers can purchase things now, and pay for them later.