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Taxes
Income
Paying Bills
Budgeting
100
The taxes based on the amount of money you earn that is paid to government services.
What is income tax?
100
Your total income before income or other payroll taxes are taken out of it.
What is gross income?
100
This is a written money order asking a bank to pay a certain amount from your account. Sometimes it takes several days for a bank to pay the amount.
What is a check?
100
Georgette balances her budget by using this plan. For every $100 she earns, she budgets $10 for charity, $20 for savings, $20 for books, and $50 for other expenses. If her income is $500 per week, how much does she give to charity each week? A $500 B $50 C $5 D $250
B $50
200
The total tax an employer withholds on a paycheck, such as social security or medicare.
What is payroll tax?
200
The amount of money that you keep after taxes.
What is net income
200
An identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time. The bank might charge the user interest in exchange for the use of the money.
What is credit card?
200
Natalia’s net income is $28,000 per year. She would like to have a balanced budget. If her other expenses are three-fourths as much as her income, how much can she save each year? A $28,000 B $700 C $21,000 D $7,000
D $7,000
300
the money added to the cost of items and services. It is usually paid when an item is purchased.
What is sales tax?
300
Lana works at the local ice cream store. In the last four weeks, her gross income was $120.75, $118.50, $99.75, and $115.75. Her total payroll tax was $59.70. How can you find her net income for the four weeks? A Find the sum of the gross income. Then add the payroll tax. B Add $59.70 to each of the gross incomes. Then add the sums. C Find the sum of the gross incomes. D Find the sum of the gross incomes. Then subtract the payroll tax.
D Find the sum of the gross incomes. Then subtract the payroll tax.
300
An identification card issued by a bank that allows a user to immediately use money from an account. You have a personal identification number (PIN) to keep it safe.
What is a debit card?
300
Which statement is true about Mr. Simon’s monthly budget? A His budget is balanced when his monthly expenses equal total income for the month. B His budget is balanced when total monthly expenses are greater than his income. C His budget is balanced when total income is greater than his expenses. D His budget is balanced when his weekly expenses are less than his monthly expenses
A His budget is balanced when his monthly expenses equal total income for the month.
400
A portion of the value of items. It can be charged on things such as cars, houses, boats, or land. This kind of tax is paid once or several times a year as long as a person owns the item.
What is property tax?
400
Sari works in a flower shop for 36 hours each week. She earns $9.75 per hour. The wages from this job are Sari’s only source of income. What is her net weekly income if her payroll tax is $73 for the week? A $317 B $351 C $424 D $278
D $278
400
Which of the following is an advantage of using a check to pay bills? A You can buy now and pay later. B The money is transferred immediately. C You can pay using money in your account. D You may have to pay interest on the amount.
C You can pay using money in your account.
400
Mr. Porter wants to spend an extra $150 this weekend on a family outing to the state fair. Which of the following could be a way to adjust his budget to allow for the extra expense? A Work fewer hours this week. B Work overtime. C Give money to charity. D Increase gasoline usage.
B Work overtime.
500
Miranda earns $450.75 at her part-time job. She pays $98.12 in federal income tax and $12.00 in other taxes. How can you determine Miranda’s pay after taxes? A Subtract the sum of the taxes from the total earnings. B Subtract the amount earned from the sum of the taxes. C Add all the taxes. D Subtract only the federal income tax from the total earnings.
A Subtract the sum of the taxes from the total earnings.
500
Rita’s gross income last month was $2,948.45. She paid $442.45 in payroll tax for the month. How can you find Rita’s net income for one week if there were four weeks in the month? A Add the payroll tax to the gross income and multiply by 4. B Subtract the payroll tax from the gross income and multiply by 4. C Add the payroll tax to the gross income and divide by 4. D Subtract the payroll tax from the gross income and divide by 4.
D Subtract the payroll tax from the gross income and divide by 4.
500
Jen wants to buy a camera. Which method will let her buy now and pay later? A check B cash C credit card D money transfer
C - credit card
500
Alexis earns $50 a day for five days this week. Her weekly expenses are $280. How can she balance her budget? A Increase her income $5 each day. B Increase her income $20 this week. C Decrease her expenses by $30. D Decrease her expenses by $20.
C Decrease her expenses by $30.