JA - Income

Who pays taxes?

• Most people who have a job

• Most people who purchase items

• Most people who own property

• All of the above

What are the three main types of taxes?

• Income, sales, and property

• Unemployment, sales, and property

• Federal income, unemployment, and state

• Sales, property, and unemployment

The purpose of taxes is to

• Improve roads

• Support government

• Pay retirement benefits

• All of the above

Federal, Social Security, and Medicare are all types of taxes.

• True

• False

The total amount of earnings made over a one-year period after all deductions have been taken is known as

• Gross annual income

• Gross monthly income

• Net annual income

• Net monthly income

Total amount of earnings made over a month, before any deductions, is known as

• Gross annual income

• Gross monthly income

• Net annual income

• Net monthly income

Tina will be working at the municipal swimming pool as a lifeguard this summer. She will earn $1,000 per month (the summer is 3 months). What is Tina's gross annual income (for the summer)?

• $3000

• $3500

• $12,000

• $1,200

Identify the incorrect statement

• A debit card allows for an immediate electronic transfer of money from a cardholder's savings or checking account

• A debit card is essentially a paper check but doesn't require the processing time a check does.

• A debit card is handy in an emergency when you don't have the money to spend.

• A debit card is a pay-now payment type with no grace period for payments.

When lenders lend money to borrowers, they charge an additional fee for the use of their money. This fee is called:

• Debit

• Stock

• Interest

• Credit

Is it better to use credit for the below item

• Car

• Smartphone

• Big Screen TV

• All of the above