Knowledge of Credit, Insurance, Income, and Taxes

What is bankruptcy and what are the two types with details of each? (Essay)

What is the difference between a debit card and a credit card?

Why do people get in trouble with credit cards?

What are responsible credit card practices?

What are the types of insurance and what do they cover?

What are the three basic categories of taxes and who gets the taxes?

What does IRS stand for?

(a)  

Aria, Sophia, and Samuel are learning about the US economy in their social studies class. They learned about a specific organization that collects taxes from people. Can you recall the name of this organization?

• Structural Employees

• The Internal Revenue Service

• The business cycle

• The military tribunal

Which of the following taxes is applied to wages, salaries, dividends, and interest earned?

• Corporate Income Tax

• Income Tax

• Estate Tax

• Excise Tax

What is one advantage of having a credit card?

• It prevents you from spending more than you earn.
• It allows you to make purchases without carrying lots of cash.
• It encourages you to budget your money wisely.
• It helps you pay off debts that you may have.