Careers and Taxes Dave Ramsey Ch. 10 Quiz

What are some potential consequences of not paying taxes on time?

• Free money, no consequences

• Early retirement, no consequences

• A pat on the back, no consequences

• Penalties, interest, and legal action

What are some common deductions that can be claimed on a tax return?

• Mortgage interest, charitable contributions, medical expenses, and certain business expenses

• Vacation expenses

• Grocery expenses

• Entertainment expenses

What are some key factors to consider when choosing a career path?

• Favorite color, lucky number, and zodiac sign

• Personal interests, skills, values, job market demand, potential for growth, and work-life balance

• The number of stars in the sky, the color of the grass, and the taste of chocolate

• The weather, the price of tea in China, and the length of a giraffe's neck

What is the purpose of Form W-2?

• To track employee benefits

• To report wages, tips, and other compensation paid to employees as well as taxes withheld from their paychecks.

• To report employee attendance

• To report employee expenses

What is the purpose of filing a tax return?

• To learn how to cook a new recipe

• To plan a vacation

• To find a new job

• To report income, claim deductions and credits, and calculate the amount of tax owed or refund due.

The deadline for filing your federal tax return each year is ________.

• December 25

• July 4

• January 1

• April 15

What is income tax?

• A tax imposed on individuals or entities that varies with their respective income or profits. The more you make, the more they take.

• A tax imposed on healthcare expenses

• A tax imposed on goods and services

• A tax imposed on property ownership

What are tax deductions?

• Expenses that increase taxable income

• Expenses that can be subtracted from taxable income

• Payments made to the government

• Additional income that is not taxable

Which form is used to file income tax?

• Form 1040

• Form 1099

• Form 1065

• Form W-2

The purpose of a resume' is to

• Get you an interview

• Get you a job

• Impress your friends