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

Fill in the Blanks

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

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