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Unit 4 Assessment (Lesson 5, April 16-17)

Quiz by Alicia Gonzales

High School
Dollars and Sense
Texas Essential Knowledge and Skills (TEKS) - Electives

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20 questions
Show answers
  • Q1
    Money collected from individuals and corporations by some branch of the government is known as (a) __________.
    gross pay
    tax
    net pay
    300s
    130.273.J.6.B
  • Q2
    A synonym for take-home pay is __________.
    net pay
    gross pay
    tax
    300s
    130.273.J.6.B
  • Q3
    Payroll taxes can include all of the following except __________.
    FICA
    sales tax
    federal income tax
    300s
    130.273.J.6.B
  • Q4
    The federal tax system is carried out by the __________.
    U.S. Treasury
    Federal Deposit Insurance Corporation (FDIC)
    Internal Revenue Service (IRS)
    300s
    130.273.J.6.B
  • Q5
    By law federal tax returns must be filed by what date?
    January 1
    December 31
    April 15
    300s
    130.273.J.6.B
  • Q6
    A(n) __________ formally reports your tax information to the federal government.
    tax return
    income report
    payroll stub
    300s
    130.273.J.6.B
  • Q7
    Which of the following is NOT a possible filing status used when filing your federal income tax return?
    head of household
    single
    siblings filing jointly
    300s
    130.273.J.6.B
  • Q8
    For tax purposes, if you sell an asset for more than you paid for it, you will have what is called a(n) __________.
    capital gain
    capital loss
    tax deduction
    300s
    130.273.J.6.B
  • Q9
    Gross income includes all of the following EXCEPT __________.
    wages
    tips
    child support payments received
    300s
    130.273.J.6.B
  • Q10
    Taxes impact all of the following financial decisions EXCEPT __________.
    whether to rent or buy
    the type of clothing to wear
    where to live
    300s
    130.273.J.6.B
  • Q11
    The study of human population characteristics is called __________.
    census data
    population studies
    demographics
    300s
    130.273.J.6.A
  • Q12
    People born in the United States between 1946 and 1964 are known as __________.
    baby boomers
    Generation Y
    Generation X
    300s
    130.273.J.6.A
  • Q13
    The government measures economic activity by calculating the __________.
    gross domestic product (GDP)
    inflation rate
    consumer price index (CPI)
    300s
    130.273.J.6.A
  • Q14
    A period of time in which the economy is shrinking is known as a __________.
    stable economy
    recession
    boom
    300s
    130.273.J.6.A
  • Q15
    A sustained increase in the general level of prices is known as __________.
    inflation
    depression
    recession
    300s
    130.273.J.6.A

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