2F: Factors that Impact Income

2F: Factors that Impact Income

9th Grade

10 Qs

quiz-placeholder

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2F: Factors that Impact Income

2F: Factors that Impact Income

Assessment

Quiz

Financial Education

9th Grade

Medium

Created by

Jonnalyn Shimko

Used 7+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of income tax?

To fund public services and government operations

To encourage savings

To penalize high earners

To reduce inflation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which IRS form is typically used by individuals to file their annual income tax return?

Form 1040

Form W-2

Form 1099

Form 940

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between gross pay and net pay?

Gross pay is after taxes, net pay is before taxes

Gross pay includes bonuses, net pay does not

Gross pay is before deductions, net pay is after deductions

Gross pay is the same as net pay

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a deduction from gross pay?

Base salary

Bonus

FICA

Gross pay

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does FICA stand for?

Federal Insurance Contributions Act

Federal Income Collection Agency

Financial Investment and Contribution Act

Federal Insurance and Collection Act

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which tax is specifically designed to ensure that individuals and corporations pay at least a minimum amount of tax?

Sales tax

Excise tax

Alternative minimum tax

Income tax

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a bonus typically affect an employee's gross pay?

It decreases the gross pay

It has no effect on gross pay

It increases the gross pay

It only affects net pay

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