Unit 3 review

Multiple Choice

Which statement is true about gross income?

• Gross income is a tax on all income that a worker earns,

• Gross income is the amount an employee is paid after deductions and taxes,

• Gross income is a tax paid by an employer based on a worker’s wages

• Gross income is the total amount an employee earns before deductions are applied,

Multiple Choice

Which statement is true about net income?

• net income is the amount an employee is paid after deductions and taxes.

• net income is the total amount an employee earns before deductions are applied

• net income is a tax paid by an employer based on a worker’s wages

• net income is a tax on all income that a person earns.

• None of the above

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Multiple Choice

What term better fits the term below?

It's a tax that includes social security tax and is paid by an employer

• Payroll tax

• Income tax

• Property tax

• State tax

• Sales tax

Drag and Drop

If I put a tax on a retail product based on a set percentage of retail cost. What type of tax is this? ​

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Taxes

Tax

Property tax

Income tax

All taxes

Sales tax

Federal tax

Payroll tax

None of these

Multiple Choice

If I pay taxes on my a house that I own, which type of tax is this? /

• Sales tax

• Property tax

• House tax

• Income tax

• Payroll tax

Multiple Choice

John has a job where he makes $500 a month, if he has a phone bill of $335 and wants to buy the new iPhone in payments that would put his new bill at $485. How much money does John have left for extra expenses?

• 320

• 20

• 820

• 15

• 165

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If you were to buy land, what kind of taxes do you have to pay yearly?

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Suppose you have a company and have three employees that you pay weekly. What type of taxes do you have to pay for them to the federal government?

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Its April 2024, and you have to complete your taxes by the 15th of April. What type of tax is this called?

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You go to Walmart and buy a T-shirt for $5.00 but when you go pay for it it comes out to $5.41. What are the .41 cents that are added to the total cost at the register called?

Drag and Drop

If Tina's expenses are greater than her income. What two actions can Tina take to balance her budget?

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Increase her expenses

Decrease her expenses

Decrease her income

Increase her income