5.10.B Explain gross and net income
Quiz by Grade 5 Math - Texas Education Agency
Grade 5
Math (Archived)
Texas Essential Knowledge and Skills (TEKS)
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- Q1Which of these statements about gross income and net income is true?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 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 the total amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.60s5.10.B: Personal Financial Literacy
- Q2What is gross income?The total amount of money a person or company receives after deductions or allowances are taken out.Money added to the price of certain goods and services, normally as a percentage of the purchase price.The total amount of money a person receives before any deductions or allowances are taken out.Money paid by a company based on the amount of money the company spends paying all of its employees.60s5.10.B: Personal Financial Literacy
- Q3How would you define net income?The total amount of money a person or company receives after deductions or allowances are taken out.Money paid by a company based on the amount of money the company spends paying all of its employees.The total amount of money a person receives before any deductions or allowances are taken out.Money paid by the owner of a property.60s5.10.B: Personal Financial Literacy
- Q4Owen received $15,000 of compensation from his employer and he received $2,100 of interest from a municipal bond. What is the amount of Owen's gross income?$17,000$17,100$12,900$15,00060s5.10.B: Personal Financial Literacy
- Q5John a real estate agent sold a house for $80,000 he will earn 15% for the sale. What is his commission pay?$15,000$70,000$12,000$68,00060s5.10.B: Personal Financial Literacy