Lesson 6 Quiz: Taxes

What two things are unavoidable in life?

• Happiness and suffering

• Death and taxes

• Learning financial literacy and becoming financially independent

• I don’t know

Which of these is NOT a retirement plan?

• Roth IRA

• Traditional IRA

• 401k

• 529 Plan

What is a retirement plan?

• Retirement? I’m still a kid bro I don’t even have a job

• I’m not sure, can you explain it one more time?

• A plan that helps you lower how much you pay to taxes and allows you to save and invest money for your future

• Are we done yet?

True or false: You can lower the amount of taxes you pay by using tax-saving plans?

• True

• False

How many types of taxes are there?

• 6

• 7

• 5

• 0 because I refuse to pay them

Why are FICA taxes not really considered taxes?

• Because not everyone pays them

• Because they're part of a federal program and not a state program

• They're contributions, and the money you contribute is meant to come back to you.

• They are taxes

True or false: The amount of income tax everyone pays is the same.

• True

• False

Choose one of these types to explain to the class after the quiz is over:

• Property Tax

• Sales Tax

• Income taxes

• FICA "taxes"

Bonus question: What is something all working people have?

• A pet

• A credit card

• Fun!

• A comfy bed

What is one concern about Social Security and Medicare?

• They're optional and should be made mandatory

• They're only for younger people

• They give too much money

• The Social Security and Medicare funds may run out