Understanding the Problem Situation in Module 1.7

What are the two national insurance programs that businesses are required to pay?

• Medicure and Social Security

• Social Security and Medicare

• Social Media and Medicare

• Health and Life

If you are working for a business are you also paying Social Security and Medicare taxes?

• Yes

• No

• Maybe

What do you call the tax where business pays a portion of taxes for you?

• Federal Insurance Contribution Act (FICA) taxes

• Self-employment tax

• Social Security

• Medicare

Self-employed also means what?

• People who own their own business

• Business owned by the government

• Employees

Who pays self-employment tax?

• People who own businesses pays their own taxes

• Employees of big businesses

• People who work for the government

What kind of form is the Internal Revenue Service (IRS)?

• Tax form

• Application form

• Revenue form

• Employment form

The IRS is part of the _____ that collects taxes?

• government

• business

• white house

• school

This is the amount of money that a business receives when it sells a product or service.

• Net profit

• Revenue

• Net loss

The ____ is the actual amount of money a business makes after expenses.

• Net profit

• Net loss

• Revenue

A _____ is similar to net profit, but a business has a ____ if the net profit is a negative number.

• Net loss

• Money theft

• Revenue