Income Unit Review

Who pays taxes?

• Adults

• People with a job

• Students

• All of the above

Which is not a purpose of taxes?

• Improve roads

• Support government

• Pay retirement benefits

• Build new restaurants

Which is not one of the 3 main types of taxes?

• Grocery

• Sales

• Income

• Property

Federal, Social Security, and Medicare are all types of deductions from a paycheck.

• True

• False

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

• Gross annual income

• Gross monthly income

• Net annual income

• Net monthly income

The total amount of earnings made over a month, before any deductions is known as..

• Gross annual income

• Gross monthly income

• Net monthly income

• Net annual income

This is known as the earnings received before deductions are taken out

• Gross income

• Net income

This is known as the earnings received AFTER deductions are taken out

• Gross income

• Net income

Career clusters are groups of jobs or careers that are related to each other.

• True

• False

Sales tax comes from..

• The tax taken out of your paycheck

• Tax charged per $1 when purchasing items

• Tax taken out for owning property.