JA Taxation and Financial Literacy Quiz

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

• Insurance

  that

  benefits retired, sick,

  or disabled

  Americans

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.

• True

• False

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

• Gross annual income

• Gross monthly income

• Net annual income

• Net monthly income

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

• Gross annual income

• Gross monthly income

• Net annual income

• Net monthly income