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Income and Taxes

Income and Taxes

Assessment

Flashcard

Life Skills

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

The Fair Labor Standards Act_______?

Back

is used by the government to set the minimum wage.

2.

FLASHCARD QUESTION

Front

Money added to an employee's base pay is a ________.

Back

bonus

3.

FLASHCARD QUESTION

Front

A federal expense item that can be adjusted according to needs and revenues is a(n)

Back

discretionary expenditure

4.

FLASHCARD QUESTION

Front

Governments may use taxes to ______.

Back

all answers are correct

5.

FLASHCARD QUESTION

Front

A tax, levied by federal and state governments on the sale and transfer of items like air travel, telephone services, and gasoline, is referred to as a(n) _______.

Back

excise tax

6.

FLASHCARD QUESTION

Front

A newly hired employee will be asked to complete a ________.

Back

W4

7.

FLASHCARD QUESTION

Front

A noncash compensation received in addition to a wage or salary is a(n) ______.

Back

employee benefit

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