Economics Final quiz #9

Roads, police, schools, governmental agencies, fire and emergency services are funded by taxes.

• True

• False

Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?

• Payroll tax

• Property tax

• Sales tax

• Income tax

What are the types of taxes a person might pay?

Check all that apply.

• Sales tax

• Natural tax

• Income tax

• Property tax

• Birth tax

Who primarily uses our tax money? (hint: choose 2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

the Federal Government earns most of its money from...

• Corporate Tax

• Social Security and Retirement

• Individual Income Tax

TRUE or FALSE:

Checks and debit cards allow you to access your bank funds on the spot, when shopping or dining out.

• TRUE

• FALSE

The act of putting money (cash or check) into a bank.

• Debit card

• Checkbook

• Withdrawal

• Deposit

Money that is owed to another person or organization.

• ATM

• Loan

• Debt

• PIN

All money in financial institutions insured by FDIC is insured for up to which amount?

• 100,000

• 10,000

• 250,000

• 25,000

Interest earned on interest is called

• compound interest

• double interest

• interest on fire

• complicated interest