PFL Vocab Test Retake

Income tax is defined as:

• A tax levied on personal income

• A tax on goods and services

• A tax on property ownership

• A tax on corporate profits

What is the definition of Payroll tax?

• A tax levied on the income of individuals or businesses.

• A tax imposed on employers or employees, usually calculated as a percentage of the salaries that employers pay their staff.

• A tax on the sale of goods and services.

• A tax on the ownership of property.

Property tax is defined as:

• A tax on the value of a property

• A tax on income earned from property

• A tax on the sale of property

• A tax on the rental income of property

Sales tax is defined as:

• A tax on the sale of goods and services

• A tax on income earned by individuals

• A tax on property ownership

• A tax on imported goods

What is the definition of Income?

• The total amount of money earned before any deductions.

• The money received, especially on a regular basis, for work or through investments.

• The amount of money left after all expenses are paid.

• The total value of assets owned by an individual or company.

What is the definition of Gross income?

• Total income before taxes and deductions

• Net income after taxes

• Income from investments only

• Income after all expenses

What is the definition of Net income?

• The total revenue minus total expenses, taxes, and costs.

• The total revenue before any deductions.

• The total expenses incurred by a business.

• The total amount of taxes paid by a business.

What is the definition of Check?

• A written order to a bank to pay a stated sum from the drawer's account.

• A type of savings account.

• A method of online payment.

• A form of digital currency.

What is the definition of Credit card?

• A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.

• A card issued by a bank allowing the holder to borrow funds with which to pay for goods and services.

• A card issued by a bank allowing the holder to deposit money into their savings account.

• A card issued by a bank allowing the holder to withdraw cash from ATMs only.

What is the definition of Debit card?

• A card that allows the holder to transfer money electronically from their bank account when making a purchase.

• A card that provides a line of credit to the holder for purchases.

• A card used for identification purposes only.

• A card that is used exclusively for online transactions.