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CH 10 [E4th]

Quiz by Karma Yantzie

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30 questions
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  • Q1
    Withholdings and deductions are . . .
    Money that the government gives back to you
    Examples of deficit spending
    Expenses that are taken out of your paycheck
    Categories of a good budget
    30s
  • Q2
    The tax on the purchase of goods or services is called____.
    Purchase tax
    Consumption tax
    Goods and services tax
    Income tax
    30s
  • Q3
    The money you earn hourly for your time and effort at work is called your_____.
    Salary
    Minimum wage
    Income tax
    Wages
    30s
  • Q4
    What 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
  • Q5
    Every American who earns an income must file a ____each year.
    Tax extension
    Paycheck
    Federal tax return
    Tax deduction
    30s
  • Q6
    When you make ____money, you will pay____ in taxes.
    Less; more
    More; the same amount
    More; less
    More; more
    30s
  • Q7
    If you work and earn money, you will have to pay taxes.
    True
    False
    30s
  • Q8
    When you buy clothes or check out at the grocery store, you will pay ____ .
    Sales tax
    With your tax credit card
    Excise tax
    Income tax
    30s
  • Q9
    A fixed, annual rate of pay that doesn't change by working more or fewer hours is called ____.
    Commission
    Hourly wages
    Passive income
    Salary
    30s
  • Q10
    When someone says they need to file their taxes, they're talking about filling out a _____.
    Federal tax return
    Form W-4
    Tax liability
    Tax bracket
    30s
  • Q11
    What is the main IRS form that most Americans use to file their taxes?
    Form 1099-DIV
    Form 1040
    Schedule C
    Form I-9
    30s
  • Q12
    Property tax, inheritance tax, estate tax, and gift tax are all examples of ____ .
    Wealth tax
    Income tax
    Paycheck tax
    Family tax
    30s
  • Q13
    There are two general types of taxes. Taxes on the money you ____and taxes on the money you ____.
    Budget; don't budget
    Have; want
    Earn; spend
    Give; save
    30s
  • Q14
    When you buy specific items like cigarettes, alcohol, airline tickets or gas, you will pay ____ .
    Sales tax
    Income tax
    Tax liability
    Excise tax
    30s
  • Q15
    Renting out property or selling content on a blog are examples of ______.
    Passive income
    Portfolio income
    Active income
    Salary
    30s

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