BPA Income and Tax Quiz

Identify the letter of the choice that best completes the statement or answers the question. Which of these is not a source of earned income?

• Gross pay

• Net pay

• Savings account interest

• Overtime Pay

Identify the letter of the choice that best completes the statement or answers the question. Which of these are a required deduction from gross pay?

• 401K contribution

• Health insurance

• Life Insurance

• FICA

Identify the letter of the choice that best completes the statement or answers the question. On which of these items could an excise tax be charged?

• Eggs

• Gasoline

• Income

• Property

Identify the letter of the choice that best completes the statement or answers the question. The current Social Security tax rate for each employee is _____.

• 1.45%

• 2.9%

• 6.2%

• 12.4%

Identify the letter of the choice that best completes the statement or answers the question. A form used to report taxable income is a ______.

• W-2

• W-4

• 1099

• 1040

Identify the letter of the choice that best completes the statement or answers the question. Which type of inflation happens when producers raise prices because their expenses to create products are increasing?

• Demand-pull

• Cost-push

• Hyperinflation

• Reflation

Identify the letter of the choice that best completes the statement or answers the question. Which federal agency oversees the stock exchanges?

• CPSC

• FTC

• SEC

• BBB

How is a person’s net worth determined?

• Checking Account + Savings Account + Investments

• Assets – Liabilities

• Gross Pay – Taxes

• Net Pay – Taxes

How much does the FDIC insure checking accounts for?

• 100,000 per depositor per account category

• 250,000 per depositor per account category

• 100,000 per family per bank

• 250,000 per family per bank

What is typically the largest fee assessed by a bank?

• Out of network ATM fee

• Monthly statement fee

• In network ATM fee

• Overdraft fee