Budgeting & Taxes Review

Front

What kind of tax is the same rate for everyone regardless their income?

Back

proportional

Front

From the following, which should you cut out of your budget first? entertainment, groceries, rent, car payment

Back

entertainment

Front

What is the best way for a county to raise money to build a new park? Options: increase federal taxes, decrease state taxes, increase local taxes, decrease sales tax

Back

increase local taxes

Front

Which type of income would be the most consistent? Options: hourly wage, dividends, salary, tips

Back

salary

Front

What kind of tax goes to paying for national defense?

Back

Federal income taxes

Front

What is the correct equation to calculate net worth? Options: hours worked x hourly wage, assets + liabilities, income - deductions, assets - liabilities

Back

assets - liabilities

Front

What information is included in a W-2 form?

Back

wages paid to the tax filer

Front

What is the term for the amount you get paid before taxes are taken out?

Back

gross pay

Front

What is the term for the amount you get paid after taxes are taken out?

Back

net pay

Front

How can you increase your net worth? Options: increase investments for retirements, opening a credit card, spend your savings, taking a loan out to buy a car

Back

increase investments for retirements