D.R.P.F. Ch.10 Post-test

Withholdings and deductions are

• Examples of deficit spending

• Expenses that are taken out of your paycheck

• Categories of a good budget

• Money that the government gives back to you

The tax on the purchase of goods or services is called

• Goods and services tax

• Income tax

• Purchase tax

• Consumption tax

The money you earn hourly for your time and effort at work is called your

• Income tax

• Minimum wage

• Salary

• Wages

What does the Form W-4 estimate?

• How many tax returns you need to submit

• How much money you'll spend in that fiscal year.

• How much tax you'll owe based on your personal situation.

• How much income you should be making.

Every American who earns an income must file a _________ each year.

• Federal tax return

• Tax extension

• Paycheck

• Tax deduction

When you make ____ money, you will pay _____ in taxes.

• More; the same amount

• yes

• Less; more

• More; more

When you buy clothes or check out at the grocery store, you will pay _____________

• Income tax

• Excise tax

• Sales tax

• With your tax credit card

A fixed, annual rate of pay that doesn't change by working more or fewer hours is called ____.

• Commission

• Passive income

• Hourly wages

• Salary

When someone says they need to file their taxes, they're talking about filling out a

• Tax bracket

• Tax liability

• Form W-4

• Federal tax return

What is the main IRS form that most Americans use to file their taxes?

• Form 1099-DIV

• Schedule C

• Form I-9

• Form 1040