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Financial Literacy 5th Grade Quiz

Quiz by Mallory McConnell

Grade 5
Texas Essential Knowledge and Skills (TEKS)

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6 questions
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  • Q1

    Clay begins working his first job at the mall. His manager tells him that he will be earning $14.50 per hour and he will work 20 hours per week. Clay calculates that he will earn $580.00 each paycheck. Clay’s paycheck shows only $440.50for him to put into his bank account. Clay’s employer explains that some money is deducted for things such as taxes. What term describes the $580.00 that Clay earns before deductions?

    Net income

    Gross income

    Income tax

  • Q2

    Mrs. Baker owns a home in her town and land in the country. Each year,  pay a tax for the value of both the home and the land. What is the name of the tax that she must pay each year?

    Payroll tax

    Income tax

    Sales tax

    Property tax

  • Q3

    Mrs. Crane listed some advantages and disadvantages of a method of payment in the table. Which method of payment best fits the characteristics in the chart?

    Question Image

    Credit card

    Debit card


    Credit card

  • Q4

    Three students describe gross income and net income.

    ●Sarah says that net income is the income that is earned before taxes are taken and gross income is the income after taxes are taken.

    ●Roland says that gross income is the income that is taken from the net income.

    ●Felix says that gross income is the income that is earned before taxes are taken and net income is the income after taxes are taken.

    Which student made a correct statement about the types of income?

    None of them




  • Q5

    The table below shows Lucas’s current monthly budget.

    Lucas plans to rent video games with his additional income. With Lucas’s current budget, what is the most that he can spend on video games?

    Question Image





  • Q6

    Tomas records his monthly budget as shown.

    After calculating his income and expenses, Tomas finds that his expenses exceed his income. By how much does Tomas need to decrease his expenses to balance his budget?

    Question Image






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