1. Personal Financial Literacy Practice

2. Question 1 Balance the financial record. Date Activity Deposit Debit
12/4
$243.09
Deposit (babysitting)
$50.00
12/6
Target
$39.01
12/7
Car Wash
$15.92
12/10
Birthday Money
$25.00

3. Question 2
Elizabeth wanted to buy new shoes for $ When she went to the register to purchase the shoes, the cashier told her the total was $ What type of tax caused Elizabeth to pay more for the shoes?

4. Question 3
The table below shows the income and expenses for Molly’s month.
After Molly pays for her expenses, how much money will she have left?
Income
Expenses
Paycheck - $1,329
Rent and Bills - $700
Babysitting - $50.00
Groceries - $57.00
Clothes - $150

5. Question 4
Jesse’s employer withholds $150 each month from his paycheck to pay to the government. What type of tax is this?

6. Question 5
Raymond earned $2,193 this month. $341 was withheld from his paycheck. How much money did Raymond receive?

7. Question 6
Scott’s expenses exceeded his income last month. What change might Scott make in order to get back on his budget?
Not pay bills
Not fill up his car with gas
Not play golf
Not buy groceries

8. Question 7
The following items are deducted from Tim’s paycheck: $ income tax, $23.81 payroll tax, $78.23 health insurance, $17.00 personal retirement fund. If Tim’s net pay is $1,839, what is his gross pay?

9. Question 8
Jeff earned $78,000 last year. He had to pay $8,000 tax on the money he earned. What type of tax is Jeff paying here?

10. Question 9 What is a disadvantage to paying with a credit card?
You have to remember a PIN.
You have to take time to fill it out.
You must have a bank account.
You might have to pay interest or late fees.

11. Question 10
The Roberts family pays $1,224 in property taxes each year. If they pay the same amount of money each month, how much money will they pay each month?

12. Question 11
Elise tutors each week and earns $100. She has planned out the following budget for the month:
Food - $70
Bills - $100
Fun - $60
Savings - $150
Make-Up - $ ?
How much money does Elise budget for make-up each month. Assume she tutors 4 weeks every month.

13. Question 12
The table below shows the income and expenses for Cody’s month.
Cody plans to put the rest of his money in his savings account. How much money will Cody be able to save?
Income
Expenses
Paycheck - $3,291
Rent and Bills - $1,500
Tutoring - $300
Groceries - $300
Mowing Lawns - $200
Entertainment - $200

14. Question 13
Jamie’s gross income this month was $2,109. Her net income was $1,792. She had only income tax and payroll tax deducted from her paycheck this month. If $265 was taken out for income tax, what amount was her payroll tax?

15. Question 14 What is an advantage of using a debit card?
It’s a quick way to spend money from a checking account.
It’s easy to mail.
It saves on stamps.
It allows for spending before cash is available.

16. Answer Key Question 1 Date Activity Deposit Debit Balance 12/4 $243.09
Deposit (babysitting)
$50.00
$293.09
12/6
Target
$39.01
$254.08
12/7
Car Wash
$15.92
$238.16
12/10
Birthday Money
$25.00
$263.16

17. Answer Key 2. sales tax 3. $472 4. payroll tax 5. $1,852 6. C
7. $2,008.04
8. income tax
9. D
10. $102
11. $20
12. $1,791
13. $52
14. A