Financial Literacy Review

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

• Income Tax
• Sales Tax
• Payroll Tax
• Property Tax

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

• Property Tax
• Sales Tax
• Income Tax
• Payroll Tax

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

• Net income
• Gross income
• Payroll income
• None of the above

What statement defines a variable expense?

• Money that you spend on average or different amounts month to month.

• Money you earn weekly.

• The amount of income before taxes are paid

• Money you spend the same amount every month such as a mortgage.

Money paid to federal and/or state governments based on an individual's income as required by law

• property tax

• income tax

• payroll tax

• sales tax

The total amount of personal income before taxes and deductions

• Gross Income

• budget

• register

• transaction

The amount of money collected by a store in addition to a good or service

• debit card

• net income

• property tax

• sales tax

The income that remains after taxes and deductions

• Net income

• Credit card

• check

• expense

An expense that remains the same amount through out the months

• Money

• Credit Card

• Fixed Expense

• Variable Expense

A monthly or yearly saving plan for an individual or a family is called a

• budget

• income

• net income

• gross income