Quiz about Financial Literacy 5th Grade 5.10A

Question 1

John paid $2,639 for property taxes last year.  This year he added a deck and a swimming pool to his property.  Which is the best estimate of his property tax this year?

Accepted Answer

$2,847

Answer

$2,579

Answer

$2,639

Answer

$2,234

Question 2

A portion of the value of items.  This can be charged on items like: cars, houses, boats, or land.

Accepted Answer

Property Tax

Answer

Income Tax

Answer

Sales Tax

Answer

Payroll Tax

Question 3

The total tax an employer withholds to pay to the government.

Accepted Answer

Payroll Tax

Answer

Property Tax

Answer

Sales Tax

Answer

Income Tax

Question 4

Alex purchases 2 comic books for $5 each and a set of trading cards for $10. He gives the clerk $20, but he needs more money to pay for the tax. Which tax does Alex need to pay?

Accepted Answer

Sales tax

Answer

Property tax

Answer

Income tax

Answer

Payroll tax

Question 5

Leon earns $15 per hour. He worked 40 hours last week and earned $600. He received a paycheck of $475. What type of tax did he pay?

Accepted Answer

Payroll Tax

Answer

Income tax

Answer

Sales tax

Answer

Property tax

Question 6

Kathy received a paycheck for $685 after taxes and deductions. What type of income did she receive?

Accepted Answer

Net income

Answer

Gross income

Answer

Payroll income

Answer

None of the above

Question 7

Stephanie paid a total of $18.12 for two books that cost $8.50 each.  How much did she pay in sales tax?

Accepted Answer

$1.12

Answer

$0.12

Answer

$2.12

Answer

$9.62

Question 8

Kristin bought a snowboard for $60.  The sales tax rate for the snowboard is $0.04 for every dollar spent.  How much did she pay in all for the snowboard?

Accepted Answer

$62.40

Answer

$84.00

Answer

60.04

Answer

$60.24

Question 9

Jeremy worked 40 hours last week.  He earns $12 per hour.  His deductions totaled $43.68.  What was Jeremy's net pay for the week?

Accepted Answer

$436.32

Answer

$523.68

Answer

$480.00

Answer

$423.68

Question 10

Ari's net income for one pay period was $617.93.  His taxes totaled $74.28 and his other deductions totaled $58.25.  What was Ari's gross pay?

Accepted Answer

$750.46

Answer

$601.90

Answer

$485.40

Answer

$633.96

Question 11

Based on the Pay statement, what is Scott's net income for ONE week?

Accepted Answer

$1144.34

Answer

$151.16

Answer

$572.17

Answer

$1280.00

Question 12

Jana has earned these money transactions every week:
Earns $9 each week helping her grandmother at the store.
Earns $7 each week for mowing the lawn.
Saves $5 each week.
Pays $3 each week for the family internet plan.
Which of the following expenses will fit into Jana's budget this month?

Accepted Answer

$32 backpack

Answer

$40 boots

Answer

$38 computer game

Answer

$35 headphones

Question 13

Bethany earns $5 an hour babysitting and $6 a week for helping at the vet's office.  One month she babysat 11 hours.  She bought a book for $12, a movie for $19, and a purse for $8.  She put the rest of the money in her savings account.  How much money did she save?

Accepted Answer

$40

Answer

$50

Answer

$19

Answer

$79

Question 14

What statement defines gross income?

Accepted Answer

Gross income is the amount of income before taxes are paid

Answer

Gross income is the amount of income after taxes are paid.

Answer

Gross income is the amount of taxes paid.

Answer

Gross income is the amount of income of buying goods and services

Question 15

Braden receives $50 for raking leaves. Christina's mom gives her $10 to go to a movie. Emma finds $5 on the table in the library. Hudson's friend gives him $15 for his birthday. Which person has earned income?

Accepted Answer

Braden

Answer

Hudson

Answer

Emma

Answer

Christina

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