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

What is the difference between gross income and net income?

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

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

• Gross income is the amount paid in taxes, while net income is the total amount of money earned.

• Gross income is the total amount of money earned, while net income is the amount paid in taxes.

What did Benjamin Franklin say about taxes in 1789?

• Taxes are certain and unavoidable.

• Taxes are unpredictable and avoidable.

• Taxes are unnecessary for citizens.

• Taxes are beneficial for the government.

What percentage of government revenue comes from income taxes?

• 6%

• 8%

• 35%

• 51%

What is the impact of taxes on the money you spend?

• Income taxes are applied to the goods and services we buy.

• Consumption taxes are applied to the goods and services we buy.

• Payroll taxes are applied to the goods and services we buy.

• Corporate taxes are applied to the goods and services we buy.

What is the reason for paying taxes according to the text?

• To fund government expenses.

• To avoid government services.

• To reduce personal income.

• To increase national debt.

What is the deficit spending amount planned for 2020?

• $4.8 trillion

• $800 billion

• $1 trillion

• $3.8 trillion

What is the impact of taxes on an adult's paycheck?

• $400 in taxes taken out every two weeks.

• $150 in taxes taken out every two weeks.

• $800 in taxes taken out every month.

• $30 in taxes taken out every week.

What is the term used for the amount of money left in the paycheck after all withholdings or deductions are taken out of gross income?

• Salary

• Net income

• Gross income

• Take-home pay

What is the estimated amount funded through taxes in the proposed federal budget for fiscal year 2020?

• $4.8 trillion

• $800 billion

• $1 trillion

• $3.8 trillion

What is the concept taught regarding budgeting in the text?

• You can borrow your way out of debt.

• You can only spend what you bring in.

• You can spend more than you bring in.

• You can rely on debt for budgeting.