
Finance Chapter 6 Final Test
Flashcard
•
Financial Education
•
6th - 8th Grade
•
Hard
Wayground Content
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13 questions
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1.
FLASHCARD QUESTION
Front
Another name for take-home pay is
Back
net pay
2.
FLASHCARD QUESTION
Front
Which of the following statements about taxes is true?
Options:
Only the federal government has the right to tax a person's income.
Any taxes collected by the government are returned to the person when they file their income tax return.
Taxes are the major source of revenue for the government.
Taxes can only be taken out of a person's income when they have a full-time job.
Back
Taxes are the major source of revenue for the government.
3.
FLASHCARD QUESTION
Front
From the following, select the tax that is matched with its correct explanation: Payroll tax: money deducted from a person's salary that is sent to the government by the employer.
Back
Payroll tax is money deducted from a person's salary that is sent to the government by the employer.
4.
FLASHCARD QUESTION
Front
If a person is self-employed and earns $70,000 annually, the person
Back
must pay estimated income taxes every quarter.
5.
FLASHCARD QUESTION
Front
The purpose of the IRS is to
Back
enforce tax laws and carry out the federal tax system.
6.
FLASHCARD QUESTION
Front
A person completes their federal 1040EZ form and sees that they paid total quarterly estimated taxes of $12,000. But the calculations show that they should have only paid $9,500 in taxes. What will happen if they send the IRS this completed form with the necessary supporting documents?
Back
They will receive a federal tax refund of $2,500.
7.
FLASHCARD QUESTION
Front
Juanita and Jessica work at the same company. Each is married and earns $75,000 per year. Juanita is paying more in taxes than Jessica. What two factors can help to explain why this is true?
Back
Juanita does not have any children and does not itemize deductions; Jessica itemizes deductions and has three children.
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