Financial Literacy 5th Grade Quiz
Quiz by Mallory McConnell
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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
120s - 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
120s - 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?
Credit card
Debit card
Check
Credit card
120s - 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
Roland
Sarah
Felix
120s - 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?
$104
$70
$34
$174
120s - 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?
$15
$35
$25
$55
120s
