C10L1

What is the term used for the total amount of money earned before deductions?

• Gross income

• Net income

• Taxable income

• Disposable income

What is the term for the amount of money left after all deductions from gross income?

• Gross income

• Taxable income

• Net income

• Disposable income

What is the main reason taxes are collected by the government?

• To control population

• To reduce inflation

• To fund government expenses

• To increase national debt

What is the estimated amount funded through taxes in the proposed federal budget for fiscal year 2020?

• $4.8 trillion

• $5.8 trillion

• $2.8 trillion

• $3.8 trillion

What is the difference between gross income and net income?

• Gross income is after taxes, net income is before taxes

• Gross income is before taxes, net income is after taxes

• Gross income includes bonuses, net income does not

• Gross income is monthly, net income is weekly

What is the term for taxes applied to goods and services we buy?

• Capital gains tax

• Income tax

• Consumption tax

• Property tax

What is the phrase used to describe the certainty of taxes?

• Taxes are a privilege

• Taxes are optional

• Nothing is certain except death and taxes

• Taxes are negotiable

What is the term for the money collected by the government through taxes?

• Tax revenue

• Tax refund

• Tax credit

• Tax deduction

What is the term for the planned amount added to the national debt in 2020?

• Surplus

• Deficit

• Balance

• Equity

A tax on money earned from working a job

• Sales Tax

• Property Tax

• Income Tax