
Exam Review December 2022 (CM)
Authored by Nikki Settlemyre
Mathematics
12th Grade
Used 2+ times

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28 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following does the federal government spend the most tax dollars on?
Education and agriculture
Military, interest on debt, and health
Transportation and veterans’ benefits
Environment and science
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true about state taxes?
The federal government sets state tax rates
States decide their sales tax percentages and what items are tax exempt
Sales tax rates are the same in all states, but income tax rates are different
States can choose for people to not pay federal income tax
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is not example of a paystub deduction?
Net Pay
Federal Tax
State Tax
Social Security Tax
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is most impacted by an increase in sales tax?
Someone who earns $10,000
Someone who earns $25,000
Someone who earns $100,000
They are all equally impacted
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If your total tax due is $1900 and taxable income is $38,000 what is the effective tax rate?
5%
.05%
.5%
50%
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You owe $2680 in taxes. Your W-2 says you had $3000 withheld. What will happen?
You get a refund of $320
You pay $320 more in taxes
You need to speak to your boss and get the extra $320 withheld
Pay $320 less in taxes next year
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a tax credit?
reduction in total tax due after it is calculated
reduction in taxable income before total tax due is calculated
amount of total tax due
$12,550
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