
CH 10 [E4th]
Quiz by Karma Yantzie
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30 questions
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- Q1Withholdings and deductions are . . .Money that the government gives back to youExamples of deficit spendingExpenses that are taken out of your paycheckCategories of a good budget30s
- Q2The tax on the purchase of goods or services is called____.Purchase taxConsumption taxGoods and services taxIncome tax30s
- Q3The money you earn hourly for your time and effort at work is called your_____.SalaryMinimum wageIncome taxWages30s
- Q4What does the Form W-4 estimate?How much tax you'll owe based on your personal situation.How much money you'll spend in that fiscal year.How much income you should be making.How many tax returns you need to submit.30s
- Q5Every American who earns an income must file a ____each year.Tax extensionPaycheckFederal tax returnTax deduction30s
- Q6When you make ____money, you will pay____ in taxes.Less; moreMore; the same amountMore; lessMore; more30s
- Q7If you work and earn money, you will have to pay taxes.TrueFalse30s
- Q8When you buy clothes or check out at the grocery store, you will pay ____ .Sales taxWith your tax credit cardExcise taxIncome tax30s
- Q9A fixed, annual rate of pay that doesn't change by working more or fewer hours is called ____.CommissionHourly wagesPassive incomeSalary30s
- Q10When someone says they need to file their taxes, they're talking about filling out a _____.Federal tax returnForm W-4Tax liabilityTax bracket30s
- Q11What is the main IRS form that most Americans use to file their taxes?Form 1099-DIVForm 1040Schedule CForm I-930s
- Q12Property tax, inheritance tax, estate tax, and gift tax are all examples of ____ .Wealth taxIncome taxPaycheck taxFamily tax30s
- Q13There are two general types of taxes. Taxes on the money you ____and taxes on the money you ____.Budget; don't budgetHave; wantEarn; spendGive; save30s
- Q14When you buy specific items like cigarettes, alcohol, airline tickets or gas, you will pay ____ .Sales taxIncome taxTax liabilityExcise tax30s
- Q15Renting out property or selling content on a blog are examples of ______.Passive incomePortfolio incomeActive incomeSalary30s