PF: Chapter 10 Lesson 1 What Happened to My Money?

What did Benjamin Franklin say about taxes?

• Taxes impact personal finances.

• Taxes are certain and unavoidable.

• Taxes are a part of life in the United States.

• Taxes are fees charged by the government to fund government expenses.

What percentage of government revenue comes from income taxes?

• 35%

• 51%

• 6%

• 8%

What is the difference between gross income and net income?

• Gross income is the amount of money earned before taxes, while net income is the amount left after taxes.

• Gross income is the amount left after deductions, while net income is the total amount of money earned.

• Gross income is the amount left after taxes, while net income is the amount of money earned before taxes.

• Gross income is the total amount of money earned, while net income is the amount left after deductions.

What is net income also known as?

• Payroll deposit

• Withholdings

• Take-home pay

• Gross income

What are consumption taxes applied to?

• Investments

• Goods and services

• Property

• Income

Why do we pay taxes?

• To support foreign countries

• To reduce the national debt

• To fund government expenses

• To increase personal income

What is the proposed federal budget for fiscal year 2020?

• $4.8 trillion

• $3.8 trillion

• Unknown

• $1 trillion

What is the deficit spending amount planned for 2020?

• $4.8 trillion

• Unknown

• $1 trillion

• $3.8 trillion

What is the national debt?

• The amount of money saved by the government

• The amount of money owed by the government

• The amount of money collected in taxes

• The amount of money spent by the government

What is the main focus of the lesson?

• The difference between gross and net income

• The concept of deficit spending

• The importance of budgeting

• Taxes and their impact on paychecks