Money Matters Chapter 3 test

Eligible workers who work more than _____ hours per week must receive overtime pay at least _____ times their regular hourly rate.

• 40, 1.5

• 30, 2

• • 
    

    40, 2

• 39,1.5

Income paid as a percentage of sales made by a salesperson would be called ___________.

• wage

• commission

• bonus

• • 
    

    tip

Income earned by workers who are self-employed is called ___________.

• profit

• entrepreneurial income

• capital gains

• taxes

Which of the following is not a form of earned income?

• wages

• salaries

• rental income

• tip

The Employee's Withholding Allowance Certificate is a federal tax form that is also called the ____________.

• Form W-4

• Form W-2

• Form 1040

• taxes

A(n) ________ is a report containing information used to calculate taxes owed by the taxpayer.

• tax return

• audit

• Form W-2

• tax credit

What is the amount on which taxes are calculated?

• net pay

• taxable income

• gross income

• a calculator

The ______________ deduction is a fixed amount that may be deducted from adjusted gross income, which is set by law and will vary according to filing status.

• itemized

• taxable

• standard

• progressive

The amount of total tax owed on income for the year is known as the __________

• tax liability

• tax credit

• tax bill

• audit

What is it called when the federal government spends more money than it collects?

• taxable spending

• mandatory spending

• deficit spending

• robbery