Topic Review: Personal Financial Literacy

Quiz by Texas Education Agency

Mathematics
Texas Essential Knowledge and Skills (TEKS)

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### Measures 4 skills fromGrade 5MathematicsTexas Essential Knowledge and Skills (TEKS)

5.10.A: Personal Financial Literacy
5.10.B: Personal Financial Literacy
5.10.E: Personal Financial Literacy
5.10.F: Personal Financial Literacy

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7 questions
• Q1
Ms. Parvin pays a tax every year because she owns a house. Which term best describes this tax?
Sales tax
Income tax
Payroll tax
Property tax
60s
5.10.A: Personal Financial Literacy
• Q2
Which 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.
60s
5.10.B: Personal Financial Literacy
• Q3
This month Mando’s expenses are greater than his income. What are two actions Mando can take in order to balance his budget?
Increase expenses and increase income
Decrease expenses and decrease income
Decrease expenses and increase income
Increase expenses and decrease income
60s
5.10.E: Personal Financial Literacy
• Q4
Ms. Vonn’s monthly budget is shown in the chart. She receives two paychecks per month. Ms. Vonn’s budget is balanced every month. How much is Ms. Vonn’s monthly car payment?
\$2,100
\$300
\$2,400
\$500
60s
5.10.F: Personal Financial Literacy
• Q5
A definition of a financial term is shown in the box. Which term best fits this definition?
Sales tax
Payroll tax
Property tax
Gasoline tax
60s
5.10.A: Personal Financial Literacy
• Q6
So far this month Nancy has the expenses and income shown in the chart. Nancy wants to buy some music online but also have a balanced budget. Based on Nancy’s current budget, what is the greatest amount of money she can spend on music?
\$5
\$10
\$35
\$140
60s
5.10.F: Personal Financial Literacy
• Q7
A definition of a financial term is shown in the box. Which term best fits this definition?
Sales tax
Payroll tax
Property tax
Income tax
60s
5.10.A: Personal Financial Literacy

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