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Chapter 8 lesson 3

Authored by Tuoya Deach

Financial Education

9th Grade

Used 1+ times

Chapter 8 lesson 3
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10 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When is the federal income tax filing deadline?

January 31

April 15

October 31

July 4

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the purpose of a tax credit?

To increase taxable income

To lower tax bill

To report income and expenses

To calculate Social Security tax

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the main form used to list income, expenses, and take the standard deduction?

Form 1099-DIV

Form 1040

Form 1099-INT

Form 1098

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When should you have all your W-2s?

January 31

October 31

July 4

April 15

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the purpose of a tax schedule?

To calculate Social Security tax

To report mortgage interest

To report certain types of income or deductions

To report profits and losses

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the difference between standard deduction and itemized deduction?

Standard deduction is a list of eligible expenses, itemized deduction is a dollar amount subtracted from income

Standard deduction is for self-employed individuals, itemized deduction is for employees

Standard deduction is a special tax form, itemized deduction is a main tax form

Standard deduction is a dollar amount subtracted from income, itemized deduction is a list of all eligible expenses

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the purpose of Form 1099-MISC?

To report interest earned on savings and investments

To report amount a client paid for freelance or contract work

To report profits and losses

To report mortgage interest

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