

Personal Financial Literacy
Presentation
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Practice Problem
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Easy
Shailynn Dayhoff
Used 9+ times
FREE Resource
10 Slides • 34 Questions
1
Understanding Taxes Notes
Write the definition for each vocabulary term.
2
Personal Financial Literacy
Taxes, Incomes and Budgets, OH MY!
3
Income v Expenses
Income: Money earned ( +$ )
Expenses: Money Spent ( -$ )
4
Employee v Employer
Employee: a person hired to provide services for a company on a regular basis to earn an income.
Employer: The Boss. The person (or firm) who hires the service of employees to complete a job.
5
Income Tax
Tax based on money a person earns (salaries, wages, tips, etc.) and is used by the Federal Government for National Expenses.
(soldiers, safety, courts, law makers, national parks, IRS [Internal Revenue Services])
6
Multiple Choice
income
an expense
a profit
savings
7
Multiple Choice
8
Multiple Choice
9
Multiple Choice
10
Multiple Choice
11
Multiple Choice
12
Multiple Choice
13
Multiple Choice
14
Multiple Choice
Money that you spend, share, or save.
expense
income
cash
budget
15
Multiple Choice
A spending or savings plan.
budget
payroll taxes
balanced budget
expense
16
Multiple Choice
When what you make, spend, and save all balance out to $0. Income=Expenses
budget
income
gross income
balanced budget
17
Multiple Choice
18
Multiple Choice
19
Multiple Choice
20
Multiple Choice
21
Multiple Choice
22
Multiple Choice
23
Multiple Choice
24
Multiple Choice
25
Multiple Choice
Jan babysits for money. She is paid $7 each time. She saves all of the money she makes. If Jan wants to save $35, how many times does she need to babysit?
7 times
28 times
5 times
26
Multiple Choice
Billy received $6 each week for him allowance. He saves $4 each week and only spends $2. How much money will Billy have saved in 5 weeks?
$20
$12
$10
27
Multiple Choice
Pam wants to buy a sticker book for $32. She saves $5 each week. Which statement is true?
She will have enough money if she saves for 5 weeks
She will have enough money if she saves for 7 weeks
She will have enough money if she saves for 10 weeks
28
Multiple Choice
Shelly wants to buy some new shoes, but she doesn't have enough money saved. Which statement describes that best way for Shelly to save enough money to buy the shoes?
Spend all of her allowance each week on toys and games
Give her allowance to her brother so he can buy candy
Save the money her mom gives her for doing her chores each week
29
Multiple Choice
Which statement describes what happens when you spend money?
The amount of money you have decreases
The amount of money you have increases
The amount of money you have stays the same
30
Multiple Choice
Which statement does NOT describe a withdrawal from a bank account?
Using $30 from your savings account to pay for a sweater
Putting money from your paycheck into your checking account
Getting money from your account using an ATM
31
Multiple Choice
32
Multiple Choice
33
Open Ended
What is the difference between income and expenses?
34
Fill in the Blanks
Type answer...
35
Fill in the Blanks
Type answer...
36
Payroll Tax
A tax an employer (boss) withholds from an employee's (worker) salary, paid to the government
(Social Security, Healthcare and unemployment)
37
Sales Tax
A tax paid on the purchase of goods and/or services.
Every time you buy things or services, you pay the sales or transaction tax.
In Texas, our sales tax is 8.25%
38
Property Tax
A tax based on the value of a property that is paid by the owner of the property.
Homes, Land, Businesses, etc.
39
Multiple Choice
Ian went to the Academy to purchase a baseball bat. The price tag said $49.99, but when he went to check out, the total was $ 54.11. What type if tax is this an example of?
Payroll Tax
Income Tax
Property Tax
Sales Tax
40
Multiple Choice
Which type of tax best describes this definition?
- a tax paid on the money an employee receives.
Payroll Tax
Income Tax
Property Tax
Sales Tax
41
Multiple Choice
The following are examples of which type of tax?
1. Tax paid on a family owned farm.
2. Tax paid of a piece of land someone owns.
3. Tax paid on a home someone owns.
Payroll Tax
Income Tax
Property Tax
Sales Tax
42
Multiple Choice
Which type of tax best describes this definition?
- a tax includes Social Security and Medicare taxes and is paid by an employer
Payroll Tax
Income Tax
Property Tax
Sales Tax
43
Payroll Tax: Social Security
Social Security- a federal program that provides assistance to persons faced with unemployment, disability, or to qualifying people over the age of 65.
44
Payroll Tax: Medicare
Medicare- a federal program that reimburses hospitals and physicians for medical care provided to qualifying people over 65 years old.
Understanding Taxes Notes
Write the definition for each vocabulary term.
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