Income, Taxes, and Budgets
Grade 5 - Social Studies - On Level
A family pays a yearly amount based on the value of their home, which helps pay for schools and roads. What is this called?
- interest
- sales tax
- property tax
- income tax
Jordan earns $500 before any taxes are taken out. What is this amount called?
- gross income
- net income
- profit
- interest
Someone pays with a card that borrows money to be paid back later. Which payment method is this?
- a credit card
- a debit card
- a check
- an electronic transfer
Priya keeps every receipt in a folder. Why does keeping financial records like this help?
- it guesses how much money is left
- it shows what was earned and spent
- it lets bank statements go unchecked
- it makes a budget unnecessary
The Chen family earns $1800 this month but spends $2000. What is one action that could help balance the budget?
- add more monthly expenses
- ignore the budget completely
- cut back on some spending
- spend even more than before
Part of a worker's pay is set aside to help pay for shared things like roads and schools. What is this called?
- income tax
- sales tax
- property tax
- interest
Jordan's gross income is $500. After $80 is taken out for taxes, what is Jordan's net income?
- $422
- $419
- $420
- $423
Someone writes a paper check to pay a store. Which payment method is this?
- a debit card
- a check
- an electronic transfer
- a credit card
Leo saves old bills to compare month to month. Why does keeping financial records like this help?
- it shows what was earned and spent
- it lets bank statements go unchecked
- it makes a budget unnecessary
- it guesses how much money is left
The Diaz family earns $2100 and spends $2300 this month. Is this budget balanced?
- it cannot be told from these numbers
- no, income is higher than spending
- no, spending is higher than income
- yes, income equals spending