JA Unit 1 Income

Your abilities include:

• The things you do well

• Your mental competence

• The skill you need to do something

• All of the above

Career planning is done:

• After high school

• In college

• Throughout a lifetime

• Once in a lifetime

Who pays taxes?

• Most people who have a job

• Most people who purchase items

• Most people who own property

• All of the above

What are the three main types of taxes?

• Income, sales, and property

• Unemployment, sales, and property

• Federal income, unemployment, and state

• Sales, property, and unemployment

What is Social Security?

• A private insurance system just for the elderly

• A free insurance system

• The amount of money someone has

• None of the above

The purpose of taxes is to:

• Improve roads

• Support government

• Pay retirement benefits

• All of the above

Who pays into Social Security?

• Employees

• Self-employed

• Employers

• All of the above

Federal, Social Security, and Medicare are all types of taxes

• False

• True

The total amount of earnings made over a one-year period after all deductions have been taken

is known as

• Gross Annual Income (GAI)

• Gross Monthly Income (GMI)

• Net Annual Income (NAI)

• Net Monthly Income (NMI)

The total amount of earnings made over a month, before any deductions, is known as

• Gross Annual Income (GAI)

• Gross Monthly Income (GMI)

• Net Annual Income (NAI)

• Net Monthly Income (NMI)