Financial Algebra Vocabulary #2 (Taxes, Living, & Investing)

Financial Algebra Vocabulary #2 (Taxes, Living, & Investing)

12th Grade

42 Qs

quiz-placeholder

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Financial Algebra Vocabulary #2 (Taxes, Living, & Investing)

Financial Algebra Vocabulary #2 (Taxes, Living, & Investing)

Assessment

Quiz

Mathematics

12th Grade

Easy

CCSS
8.EE.C.7B, 8.F.B.4, L.5.4B

+10

Standards-aligned

Created by

Mr. Lane

Used 6+ times

FREE Resource

42 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What are Tax-Deferred Contributions?

Contributions that are made after paying taxes.

Contributions that allow you to defer paying taxes until a later date.

Contributions that are tax-free.

Contributions that are deducted after retirement.

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a Flexible Spending Account (FSA)?

An account where you can set aside pre-tax dollars for healthcare expenses.

An account used for non-taxable retirement contributions.

An account for saving on luxury purchases.

An account where unused funds roll over each year.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is Sales Tax?

A tax paid by sellers on their gross sales.

A tax on income earned from sales.

A tax on corporate earnings.

A tax levied on goods and services purchased by consumers.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the Internal Revenue Service (IRS)?

An agency that issues driver's licenses.

A federal agency responsible for collecting taxes and enforcing tax laws in the United States.

A private tax consultancy firm.

A state-level tax agency.

Tags

CCSS.L.5.4B

CCSS.L.6.1E

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a Tax?

A mandatory financial charge imposed by a government on individuals or entities.

A fee for using public facilities.

A voluntary contribution to the government.

A donation to public services.

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What does Filing Status determine?

Whether you need to file taxes online or on paper.

The type of audit you may face.

The tax rate and standard deduction you qualify for based on your marital and family situation.

The amount of sales tax you owe.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a Tax Exemption?

A deduction from taxable income.

A tax credit for qualifying expenses.

An amount you can subtract from your taxable income to reduce your tax liability.

A fee paid to avoid certain taxes.

Tags

CCSS.8.EE.C.7B

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