Summative Assessment over Financial Literacy using Bloom's Taxon

(REM) What is property tax?

• tax paid on owned land or building

• tax paid on goods and services

• tax paid by the employer

• tax paid by the employee

(REM) What term means to reconcile your budget to ensure the amount of income and expenses are equivalent?

• payroll

• gross income

• balanced budget

• net income

(UND) ________ ____________ is the income that remains AFTER taxes

(UND) __________ _________ is a card used to borrow money from financial institutions and businesses in order to buy products or services.

(AP) What are advantages for using a debit card?

• easy to use

• accepted most places

• paper money

• easy to steal

• hard to steal

(AP) What are disadvantages for using a check?

• easy to steal

• paper transaction/easy to keep track

• secure

• electronic payment

(ANALYZE) Why is it important to make sure your budget is balanced?

(ANALYZE) What will happen if your expenses are larger than your income?