WorksheetsICE S Second Semester Review
Total questions: 45
Worksheet time: 23mins
Name
Class
Date
1.
How you spend your money is as important as how you earn it.
a)
True
b)
False
2.
Things you must have to live are called "wants."
a)
True
b)
False
3.
The basic needs are clothing, food, and shelter.
a)
True
b)
False
4.
Things you would like to have, but don't need in order to live, are "needs."
a)
True
b)
False
5.
Spending more than they earn is a problem for some people.
a)
True
b)
False
6.
You must learn to live on the money you earn.
a)
True
b)
False
7.
A plan for how you will use your money is called a budget.
a)
True
b)
False
8.
You should count birthday money as part of your income.
a)
True
b)
False
9.
Fixed expenses have to be paid on their due date or earlier.
a)
True
b)
False
10.
When making your budget always use exact amounts.
a)
True
b)
False
11.
You can ask the government for extra time to file your taxes.
a)
True
b)
False
12.
You may collect social security if you are disabled.
a)
True
b)
False
13.
If you owe the government money for taxes and you don't pay, you can lose your home.
a)
True
b)
False
14.
The most difficult pay period for people to budget with is a weekly pay period.
a)
True
b)
False
15.
You will need your form W-4 when doing your yearly taxes.
a)
True
b)
False
16.
You can claim yourself on your taxes even if you are living at home with your parent(s) and not paying room and board.
a)
True
b)
False
17.
Your gross pay is the amount of money that goes into the bank by direct deposit or on your pay check from work.
a)
True
b)
False
18.
You need money to
a)
pay for your wants.
b)
pay for your needs.
c)
pay for your wants and needs.
19.
A plan for how you will use the money tou earn is called a
a)
money plan
b)
flexible expense
c)
budget
20.
An expense that is a set amount and must be paid at a certain time is
a)
flexible expense
b)
quarterly expense
c)
fixed expense
21.
You have more control over your
a)
flexible expenses
b)
annual expenses
c)
fixed expenses
22.
Which expenses cannot be changed, delayed, or reduced?
a)
Flexible expenses
b)
Quarterly expenses
c)
Fixed expenses
23.
Expenses that can vary (change) over time are
a)
flexible expenses.
b)
annual expenses.
c)
fixed expenses.
24.
Things that you can live without, but would like to have are called
a)
budgets.
b)
wants.
c)
needs.
25.
Things that you must have in order to live are
a)
budgets.
b)
wants.
c)
needs.
26.
You may have to save for many months, or even years to get some of your
a)
budgets.
b)
wants.
c)
needs.
27.
Multiplying the number of hours you work, times you hourly wage is how to figure
a)
net pay.
b)
deductions.
c)
gross pay.
28.
A pay period where you get a check every two weeks is called
a)
weekly.
b)
bi-weekly.
c)
monthly.
29.
A pay period where you get a check every week is called
a)
weekly.
b)
bi-weekly
c)
semi-monthly
30.
A pay period where you get a check two times each month is
a)
weekly
b)
bi-weekly
c)
semi-monthlt
31.
You must complete a Form W-4 when you
a)
collect unemployment.
b)
quit a job.
c)
start a new job.
32.
The most common dependents claimed on taxes are
a)
parents.
b)
children.
c)
grandparents.
d)
pets.
33.
Tax forms must be completed and sent in by
a)
April 18
b)
July 4
c)
December 1
34.
You should get a W-2 statement in the months of
a)
November/December
b)
January/February
c)
June/July
35.
The W-2 statement is sent to you from
a)
the government.
b)
the IRS
c)
your employer(s)
36.
Tax money pays for government services like
a)
social security
b)
the military
c)
police & fire department
d)
all of these things
37.
The tax form known as "the long form" is the
a)
Form 1040 EZ
b)
Form 1040
c)
Form 1040 A
38.
The easiest tax form to complete is the
a)
Form 1040 EZ
b)
Form 1040
c)
Form 1040 A
39.
The tax form called the "short form" is the
a)
1040 EZ
b)
1040 A
c)
1040
40.
The tax form that takes the most time and information to complete is the
a)
Form 1040 EX
b)
Form 1040
c)
Form 1040 A
41.
You can get tax forms and information at
a)
on-line
b)
at the library
c)
at the post office
d)
at each of these places
42.
The Indiana State Tax forms must be completed and mailed by
a)
April 18th
b)
July 4th
c)
December 1st
43.
When the government checks you taxes for mistakes or cheating it's called an
a)
penalty
b)
hearing
c)
audit
44.
A tax on all forms of money earned.
a)
dependent
b)
gross pay
c)
net pay
d)
income tax
45.
A person who relies on or needs a taxpayer for money and support.
a)
Representative
b)
Senator
c)
Dependent
d)
Students
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