
SSPFL1 CFA 1
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Dan Witherspoon
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean to say that income is a scarce resource?
Everyone has an unlimited amount of income
Income must be allocated because it is limited
Income is only important for people with high-paying jobs
Taxes do not affect how income is used
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of income is most associated with working a set number of hours per week?
Salary
Capital gains
Dividends
Hourly wages
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an increase in education typically affect a person’s income potential?
It has no effect on income
It decreases income due to tuition costs
It generally increases income potential by improving skills and job opportunities
It only matters for people in medical or legal professions
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between gross pay and net pay?
Gross pay is after deductions, while net pay is before deductions
Gross pay includes all income earned before deductions, while net pay is what is received after deductions
Gross pay only applies to salaried employees
Net pay does not include taxes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do income taxes impact disposable income?
They reduce disposable income by taking a portion of earnings
They have no effect on disposable income
They increase disposable income by adding tax credits
They only affect people making over $100,000 per year
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which factors can influence a person’s income level? (Select all that apply)
Education level
Marital status
Economic conditions
Location
7.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which of the following forms can be used to file federal individual income taxes? (Select all that apply)
W-2
1099-INT
1040
1040EZ
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