5th Grade Financial Literacy Check

Susanne bought a rug for her home. Which tax did she pay as part of the total cost for the rug?

• Income tax

• Payroll tax

• Property tax

• Sales tax

Tags

CCSS.RI.4.2

CCSS.RI.5.2

CCSS.RL.4.1

CCSS.RL.5.1

CCSS.RL.5.2

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

Tags

CCSS.7.RP.A.3

A tax that includes Social Security and Medicare taxes and is paid by an employer. Which term best fits this definition?

• Payroll tax

• Property tax

• Sales tax

• Gasoline tax

A tax on retail products based on a set percentage of retail cost

• Income tax

• Payroll tax

• Property tax

• Sales tax

Tags

CCSS.6.RP.A.3C

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

• Income tax

• Payroll tax

• Sales tax

• Property tax

Tags

CCSS.RI.4.3

CCSS.RI.4.5

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

Rosa’s salary is $450 each week. Her take-home pay is $385. Rosa's take home pay is considered her_____ because ______ were taken out.

• gross income

• net income

• deductions

• income

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

Cheyenne works 15 hours a week at the movie theater. She earns $8 an hour. Which statement about her weekly income is true?

• Her net income is more than $120.

• Her gross income is less than $120.

• Her net income is less than $120.

• Her gross income is more than $120.

Tags

CCSS.7.EE.B.3

Which of these statements about gross income and net income is true?

• Gross income is a tax on all income that a worker earns, and net income is a tax paid by an employer based on a worker’s wages.

• Gross income is a tax paid by an employer based on a worker’s wages, and net income is a tax on all income that a person earns.

• Gross income is the amount an employee is paid after deductions and taxes, and net income is the total amount an employee earns before deductions are applied.

• Gross income is the total amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.

Tags

CCSS.RI.5.7

CCSS.RI.6.7

CCSS.RL.4.7

CCSS.RL.5.7

CCSS.RL.6.7

Penelope earns $450 each month. Penelope made a list of her expenses for the month of May. (look at picture.)

Which change can Penelope make to balance her budget for the month of May?

• Increase her budgeted amount for savings by $20

• Decrease her budgeted amount for entertainment by $20

• Increase her budgeted amount for food by $10

• Decrease her budgeted amount for clothing by $10

Tags

CCSS.7.EE.B.3

Spencer needs to balance his April budget. What can he do so that his budget is balanced?

• Increase his savings this month by $10

• Increase his allowance by $5

• Decrease his piano lessons by $5

• Decrease his entertainment costs by $10

Tags

CCSS.7.EE.B.3