Financial Literacy
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by Teal Smith
| 6 Questions
1
1
A tax on retail items based on a set percentage of retail cost. What type of tax is this?
property tax
sales tax
payroll tax
2
1
Taxes that are paid by the employer.
Sales tax
Property tax
income tax
payroll tax
3
1
Tax paid by you when you work and receive a paycheck.
Payroll tax
property tax
income tax
4
1
What is the difference between gross income and net income?

5
1
Nelly purchased some land and will one day build a house on it. Which term best describes the tax she will pay on the land?
sales tax
income tax
property tax
6
1
John's expenses are less than his income. What are two different ways he can balance his budget?

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