Financial Literacy

Daniel's mom gave him $50 allowance each week. He budgeted the following items:

* $20 school lunches

* $18 entertainment

* $8 snacks

* $12 savings

Which of the following changes can be made to balance Daniel's budget?

• Increase his snacks to $10

• Decrease his savings to $8

• Decrease his entertainment to $10

• Decrease his school lunch to $18

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Haley made a chart of her income and expenses for July.

How much does Haley have to reduce her expenses to balance her budget?

• $8

• $12

• $16

• $18

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Jennifer earns $40 a day for six days this week. Her weekly expenses are $250. How can she balance her budget?

• Increase her income by $5 this week

• Decrease her expenses by $10 this week

• Decrease her expenses by $20 this week

• Increase her expenses by $10

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Matthew was saving his money to buy a Wii Game that cost $60.

What will Matthew have to do to be able to balance his budget and still save enough money in 5 weeks to buy his Wii game?

• Decrease his savings to $10 a week.

• Increase his snacks to $12 a week.

• Decrease his entertainment to $13 a week.

• Decrease his savings to $10 and increase his lunch to $22 a week.

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Karen works at an insurance company and earns $675 each week. She pays $28.75 in state income tax and $19.50 in other taxes. If her net pay after taxes is $495.33, how much does she pay in federal income taxes?

• $48.25

• $179.67

• $131.42

• $131.12

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Stan earns $3800 gross pay a month working at A-1 Deli. Each month he pays $620 in federal income tax, $150 in state income tax, and $60 in other payroll taxes. What is Stan's net pay each month?

• $3,180, because gross pay minus federal income tax is net pay

• $4,630, because gross pay plus taxes is net pay

• $3,030, because gross pay minus taxes is net pay

• $2,970, because gross pay minus taxes is net pay

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Michelle works at a bank. Her net income is $3,600 per month. Below is Michelle's budget.

What does Michelle need to do in order to balance her budget?

• Spend $50 more on clothes

• Only put $350 in her savings

• Only spend $75 on entertainment

• Only spend $360 on transportation

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Chole is saving to buy a new CD player that cost $59.95.

How many months will it take her to have enough money to buy the CD player for $59.95 if her income and expenses remain the same?

• 2 months

• 3 months

• 5 months

• 7 months

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Shelby earns $14 per hour after taxes. She works 6 hours a day and 4 days a week. Her weekly expenses are $378. How many more hours per week does she need to work so she can balance her budget?

• 1 hour

• 2 hours

• 3 hours

• 4 hours

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Diane made a list of all the taxes she paid during the month of March.

Which type of tax did Diane pay on the new television she bought?

• Property tax

• Sales tax

• Payroll tax

• Federal income tax