Exam Review December 2022 (CM)

Exam Review December 2022 (CM)

12th Grade

28 Qs

quiz-placeholder

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Exam Review December 2022 (CM)

Exam Review December 2022 (CM)

Assessment

Quiz

Mathematics

12th Grade

Medium

Created by

Nikki Settlemyre

Used 2+ times

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28 questions

Show all answers

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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