WorksheetsPersonal Financial Responsibility: Chapter 2 Review
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
Salaried workers usually do not keep time cards or count hours worked and do not receive overtime pay.
a)
True
b)
False
2.
When filing taxes, you may claim an exemption for each of your dependents but not for yourself.
a)
True
b)
False
3.
With e-filing, refunds may be received much more quickly than when a paper return is filed.
a)
True
b)
False
4.
Perks provide emotional satisfaction or social status rather than money.
a)
True
b)
False
5.
Interests and dividends are forms of earned income that are taxable.
a)
True
b)
False
6.
A business that starts small but is designed for unlimited growth is called
a)
a lifestyle business
b)
an avocation
c)
a venture business
d)
none of these
7.
The following are examples of pay without work EXCEPT
a)
vacation pay
b)
profit sharing
c)
sick pay
d)
personal leave
8.
The following are examples of unearned income EXCEPT
a)
interest
b)
dividends
c)
government transfer payments
d)
public goods
9.
Which of the following is true of public goods?
a)
everyone benefits from them.
b)
no one can be excluded from them.
c)
people do not benefit in direct proportion to taxes paid.
d)
All of these are characteristics of public goods.
10.
Which of the following is considered to be a progressive tax?
a)
FICA
b)
property tax
c)
federal income tax
d)
sales tax
11.
A property tax is based on the property's
a)
assessed value
b)
original cost
c)
market value
d)
none of these
12.
A married person with five children filing a joint tax return may claim
a)
2 exemptions
b)
5 exemptions
c)
6 exemptions
d)
7 exemptions
13.
Which of the following is NOT an optional deduction from your pay?
a)
health insurance
b)
social security tax
c)
life insurance
d)
savings plan
14.
The form used to report taxable income a worker received during the calendar year is
a)
Form 1040
b)
Form 1040A
c)
Form W-2
d)
Form W-4
15.
An example of a perk is
a)
a prime parking space
b)
an office with a view
c)
use of a company car
d)
all of these
16.
Overtime pay is typically ___ times the regular rate.
a)
1 1/2
b)
2
c)
1 3/4
d)
none of these
17.
A person who takes the risk of being self-employed and owning a business is called a(n)
a)
entrepreneur
b)
executive
c)
manager
d)
supervisor
18.
____ pay is the amount you take home after deductions have been subtracted.
a)
Net
b)
Gross
c)
Profit
d)
None of these
19.
A _______________ is a document that describes the steps that will be taken to open and operate a business.
a)
business plan
b)
profit sharing
c)
dependent
d)
benefits
20.
A(n) ______ plan is a benefit plan that allows workers to choose from a number of options.
a)
cafeteria
b)
profit-sharing
c)
business
d)
none of these
21.
Sales taxes are known as _________ taxes because they take a larger percentage of income from lower-income people than from higher-income people.
a)
regressive
b)
progressive
c)
aggressive
d)
none of these
22.
A ____________ is a person who depends on you for more than half of his or her support.
a)
dependent
b)
partner
c)
defendent
d)
business partner
23.
The Form _________ is a short tax return form designed for single and joint filers with no dependents or itemized deductions.
a)
1040EZ
b)
1040A
c)
W-4
d)
W-2
24.
Forms of pay other than salary or wages are called
a)
benefits
b)
taxes
c)
interest
d)
tips
25.
All of the following are advantages of self-employment EXCEPT
a)
make your own decisions
b)
set your own schedule
c)
reap the profits
d)
risk of personal loss
100 %
