PFL & Eco Final Exam Part #2 (2024 Version)

The tax on the purchase of goods or services is called_____.

• Consumption tax

• Purchase tax

• Income tax

• Goods and services tax

What does the Form-40 estimate? Mark only one oval.

• How much tax you'll owe based on your personal situation.

• How much income you should be making

• How much money you'll spend in that fiscal year

• How many tax returns you need to submit

When you buy clothes or check out at the grocery store, you will pay_____.

• With your credit card

• Sales tax

• Excise tax

• Income tax

When someone says they need to file their taxes, they're talking about filling out a_____.

• Tax liability

• Federal tax return

• Form W-4

• Tax bracket

The deadline for filing your income tax return usually falls on_____.

• July 4

• August 15

• April 15

• October 13

Always keep your filed taxes for at least three years in case the IRS decides to _____ your tax return.

• Audit

• Review

• Reject

• Submit

Many high schoolers get so caught in the idea of the college experience that they don't think critically about _____.

• Their high school GPA

• How their college choice will affect their financial future

• Their dream job

• What requirements they need to get into college

Ask yourself, "Do I need this _____ for my _____?" before you start applying to schools.

• Loan; future

• Grant; job

• Degree; career

• Career; college

What's a better question to ask instead of, "Where do I want to go to college?"

• What do I want to do for a career?

• How do I get into college?

• Where do I want to live?

• Do I want to go to college?

It takes the average person_____to pay off their student loan debt.

• 2 years

• 5 years

• 10 years

• 20 years