Financial Literacy Test

Cedric earned $720 this week. His federal income taxes were $82.75. His pay after taxes was $599.47. How much did he pay in state income tax if he paid only federal and state income taxes?

• $25.95

• $37.78

• $637.25

• $682.22

Felicia is buying a new MP3 player, which costs $55 plus tax. Felicia gives the cashier $100 and receives $41.70 in change. How much sales tax does Felicia pay on her purchase?

• $55

• $3.30

• $60

• $58.30

Cheryl's September budget is not balanced. By how much must she decrease her expenses to balance her budget?

• $103

• $52

• $48

• $40

Talia's gross monthly income is $2,300. Her total monthly payroll taxes are $345. What is Talia's net monthly income?

• $1,955

• $300

• $400

• $2,645

Mrs. Runkle pays a tax every year because she owns a house. Which term best describes this tax?

• Income tax

• Property tax

• Payroll tax

• Sales tax

This month Kim's expenses are greater than her budget. What are two actions Kim can take in order to balance her budget?

• Increase expenses and decrease income

• Decrease expenses and decrease income

• Decrease expenses and increase income

• Increase expenses and increase income

Which expression can be used to find the amount of money Nikil has in available funds after he goes roller skating?

• $95 – $9.45

• $85.55 – $20

• $95 – $20

• $85.55 – $9.45

Ms. Willis wants to purchase a microwave from an online store. If she purchases the microwave using a check, the cost is $260 plus a $35 shipping fee. If Ms. Willis purchases the microwave with a credit card, she will make 4 payments of $65 plus a $2.50 fee for every payment and a $35 shipping fee. How much will Ms. Willis save if she purchases the microwave using a check?

• $262.50

• $2.50

• $10.00

• $25.00

The Guerrero family's monthly income is $3,200. Their monthly expenses are shown.

What is the maximum amount, in dollars, that the family can save each month after all expenses are paid?

• $181

• $191

• $319

• $219

Which of these is NOT an example of a property tax?

• Tax paid on the value of a farm a person owns

• Tax paid on the value of a piece of land a person owns

• Tax paid on the value of a piece of furniture a person owns

• Tax paid on the value of a home a person owns