Personal Finance Taxes Review Quiz

True or False:

The federal government raises money primarily through a sales tax on goods and services.

• True

• False

All the following are sources of income except:

• Wages

• Renting out property

• A student loan payment you made

• Interest from a bank account

True or False:

Individuals and family units are treated as the same taxable entity according to the IRS

• True

• False

A deduction is when...

• You claim a loss on your taxes so you can get a higher refund

• You make a legal claim that lower your taxable income before tax you owe is calculated

• The tax you owe is lowered directly

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

If you have bought or sold stocks and/or ETFs any capital gains or losses are reported on a form called...

• Schedule D

• Schedule C

• Schedule B

• Schedule S

The tax form you must fill out before working for an employer is called...

• W-2

• 1040

• Schedule W

• W-4

True or False:

If you worked for 4 different companies throughout the year 2022, all of that income will be reported on a single W-2 form

• True

• False

The form that everyone must fill out for their personal income tax is the

• Form 360

• Form W-2

• Form 1099

• Form 1040

Which of the following is legal to do?

• Tax avoidance

• Tax evasion

• Deciding not to file taxes

• Claiming credits you do not qualify for

The process of going through each of your expenses and claiming them to be deducted from your taxable income is called...

• Standard Deduction

• Itemizing

• Writing things off

• Head of Household