Untitled Lesson

Taxes

By Kimberly Kautzman

Multiple Choice

Who primarily uses our tax money?

• Your employer

• Large corporations

• Federal and state government

• Local Businesses

Multiple Choice

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

Multiple Choice

Which of the following is NOT a category in the Federal government's spending?

• Mandatory spending

• Discretionary spending

• Interest on loans issued

• Interest on national debt

Multiple Choice

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

Multiple Choice

What item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role

Multiple Choice

Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

• April 15th

• October 15th

• December 31st

• January 1st of the next year

Multiple Choice

Which of the following is the single largest federal expenditure?

• national defense

• Social Security

• interest

• Medicare

Multiple Choice

Taking payments out of your pay before you receive it.

• withholding

• tax return

• taxable income

• personal exemption

Multiple Choice

Which of the following refers to an excise tax that is meant to discourage the purchase of goods that do not promote consumers’ health?

• Exercise tax

• Luxury tax

• Sin tax

• User tax

Multiple Choice

When you purchase a new pair of sneakers valued at $150, but are required to pay $158.50 at the register because there is a tax on the item, which type of tax have you paid?

• Corporate taxes

• General sales taxes

• Individual income taxes

• Property taxes

Multiple Choice

When looking at "discretionary spending" by our Federal Government, which category receives the most funding?

• National Defense/ Military

• Education

• Veterans' Pensions

• National Parks

Multiple Choice

A tax on the sale or production of a domestic good is called a(n)…

• Estate Tax

• Import Tax

• "Sin" Tax

• Excise Tax