Module 1 Review

As levels of education increase, wages and lifetime earnings tend to increase.

• True

• False

Are Sales Taxes direct or indirect?

• Direct

• Indirect

Which of the 3 tax types has the same tax rate for all income levels?

• Progressive

• Proportional

• Regressive

How much tax would you owe on $50,000 if the flat tax rate was 20%?

• 10,000

• 1,000

• 20,000

• 2,000

Which is higher, your gross or net pay?

• Gross Pay

• Net Pay

Is income tax direct or indirect?

• Direct Tax

• Indirect Tax

The US income tax is an example of which of the 3 types of taxes?

• Progressive

• Proportional

• Regressive

Your gross income is $60,000. What is your net income if you had a flat tax rate of 30%?

• 18,000

• 42,000

• 1,800

• 4,200

Which of the following offers future educational incentives as a perk in most instances?

• Higher Education

• Military

• Entry Level Job

Is property tax direct or indirect?

• Direct

• Indirect