Consumer Math Review

What accounting term best describes when assets increase in value?

• Inflation

• Depreciates

• Devalue

• Appreciates

What accounting term best describes when assets lose their value?

• Devalue

• Depreciates

• Appreciates

• Deflation

Out of the three depreciation methods that you have learned, which one does not belong?

• Sum Of The Years Digits Method

• Double Declining Method

• Straight Line Depreciation Method

• Stacked Declining Method

If you graph all three depreciation methods we learned, which one is linear?

• Stacked Declining Method

• Sum Of The Years Digits Method

• Straight Line Depreciation Method

• Double Decling Method

If you are legally employed in PA, what tax do you NOT have to pay?

• State Tax

• Municipal Tax

• Federal Tax

• Local Tax

What is Flat tax?

• The same rate that everyone pays

• A different rate based on your occupation

• The same rate based on your occupation

• A different rate that everyone pays

What is Progressive Tax?

• The more you earn, the more you pay

• The less you earn, the more you pay

• The more you make, the less you pay

• It is based on the amount you purchase

Which one is an example of a progressive tax?

• Proportional Tax

• Cigarette Tax

• Gasoline Tax

• US Federal Tax

What is property tax?

• Tax that is imposed on TVs

• Tax that is imposed on clothing

• Tax that is imposed on real estate

• Tax that is imposed on jewerly

Which of the following is NOT a mandatory deduction from gross pay?

• Federal Taxes

• US Savings Bond Purchasing Program

• FICA

• State taxes