Financial Literacy

The total amount of personal income BEFORE taxes and deductions is called

• Gross income

• Net income

The income that remains after taxes have been deducted is called

• gross income

• net income

Brandon was offered a job with a salary of $400 a week. When he received his first paycheck, the amount was $312. Based on this information, which statement might explain the reason for the difference between his $400 salary and his $312 paycheck?

• His gross income was $312, but his net income was $400 because taxes were deducted.

• His gross income was $400, but his net income was $312 because taxes were deducted.

• His gross income was $312 because he took a few days off.

• His gross income was $400, but he only received $312 after his rent was deducted.

Tags

CCSS.7.NS.A.3

Chase had his first job at a grocery store. He was able to work for 10 hours at a rate of $10 per hour and make $100 for the week. His paycheck was for the amount of $85. Which of the following describes this amount ($85)?

• $85 is his gross income

• $85 is his deductions

• $85 is his net income

• None of the above

Tags

CCSS.6.RP.A.3B

Aria's teacher asked her to explain the difference between gross income and net income. Which of the following statements is the BEST explanation?

• Gross income is the amount of money a person makes before deductions (payroll tax), and net income is the "take home" amount after deductions have been taken out.

• Net income is the amount of money a person makes before deductions (payroll tax), and gross income is the "take home" amount after deductions have been taken out.

• There is no difference between gross income and net income.

Tags

CCSS.RI.4.2

CCSS.RI.5.2

CCSS.RI.6.2

CCSS.RL.5.1

CCSS.RL.6.1

The price of the shirt is $45. The total cost of the shirt is $47.95.

• Income/Payroll Tax

• Sales Tax

• Property Tax

Tags

CCSS.6.RP.A.3D

Taxes are collected by

• Businesses

• Parents

• Foreign countries

• Government

A sales tax is off of any purchased good. Who regulates those taxes?

• State

• Federal

• Other countries

• Your employer

Property Tax is-

• Tax on things you buy or purchase

• tax on the house or land you own

• tax taken out of your paycheck

• tax that you pay based on your income

Tags

CCSS.7.RP.A.3

What statement defines gross income?

• Gross income is the amount of income after taxes are paid.
• Gross income is the amount of taxes paid.
• Gross income is the amount of income before taxes are paid
• Gross income is the amount of income of buying goods and services

Tags

CCSS.7.RP.A.3