Topic Review: Personal Financial Literacy
Quiz by Texas Education Agency
Grade 5
Mathematics
Texas Essential Knowledge and Skills (TEKS)
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7 questions
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- Q1Ms. Parvin pays a tax every year because she owns a house. Which term best describes this tax?Sales taxIncome taxPayroll taxProperty tax60s5.10.A: Personal Financial Literacy
- Q2Which 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
- Q3This 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 incomeDecrease expenses and decrease incomeDecrease expenses and increase incomeIncrease expenses and decrease income60s5.10.E: Personal Financial Literacy
- Q4Ms. 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$50060s5.10.F: Personal Financial Literacy
- Q5A definition of a financial term is shown in the box. Which term best fits this definition?Sales taxPayroll taxProperty taxGasoline tax60s5.10.A: Personal Financial Literacy
- Q6So 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$14060s5.10.F: Personal Financial Literacy
- Q7A definition of a financial term is shown in the box. Which term best fits this definition?Sales taxPayroll taxProperty taxIncome tax60s5.10.A: Personal Financial Literacy
