Unit 2 Economics Review

Front

Which form determines how much taxable income a taxpayer has? Options: Form 1099, Form W-2, Form 1040EZ, Form 1040

Back

Form 1040

Front

What is a want?

Back

A want is a desire or wish for something that is not necessary for survival.

Front

What is the name of the federal agency that collects taxes?

Back

Internal Revenue Service (IRS)

Front

What is the range of credit scores overall?

Back

300-850

Front

What is the range of good credit scores?

Back

700 to 750

Front

What is NOT a way to build credit? Options: Applying for a credit card, Making on-time payments, Becoming an authorized user, Closing credit accounts

Back

Closing credit accounts

Front

What is the name for the amount deducted by Social Security?

Back

FICA

Front

What is NOT a reason why budgets are important?

Back

They are not important because they limit creativity and flexibility.

Front

Which of the following is NOT an example of an itemized deduction? Mortgage interest, Charitable contributions, Property taxes, Retirement

Back

Retirement

Front

What are the two ways that taxes can be deducted?

Back

Standard and itemized deductions