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Econ Taxes

Total questions: 22

Worksheet time: 16mins

Name
Class
Date
1.
What are Taxes?
a)
A Sum of money that the Federal government pays its citizens for good behavior.
b)
A Sum of Money that the State Mandates its Businesses pay in order to support the cleaning of their parking lot. 
c)
A Sum of Money that the Federal Government charges its citizens to clean up their messes. 
d)
A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services. 
2.
What is Federal Income Tax?
a)
Funds the Disney Corporation with money it needs to operate. 
b)
Money that supports the Executive, Legislative, and Prejudicial branch of the government.
c)
A tax that supports the air traffic navy platoon system, the national board of realtors as well as the web of excessive disproportionate growth. 
d)
A tax that supports the federal governmen all its systems, highway construction and the military. 
3.
What is the Social Security Program?
a)
A program that helps supplement the high medical costs after retirement. 
b)
A supplemental retirement program where the government sends a check to a retiree at the Age of 67. (You can begin receiving at 62, however it will be at 70%)
c)
A benefit program that is taxable by the State Government. 
d)
A program that sustains and secures 
4.

A sales tax is off of any purchased good. Who regulates those taxes?

a)

State

b)

Federal

c)

Other countries

d)

Your employer

5.
The total amount of earnings before any deductions are taken out
a)
Gross Pay
b)
Net Pay
c)
After-tax Income
d)
Yucky Pay
6.
The amount of salary received after taxes and deductions
a)
Gross Pay
b)
Net Pay
c)
Total Earnings
d)
Bill 
7.
You make $10.00 per hour and you work 30 hours a week. How much is the weekly gross pay?
a)
$290.00
b)
$325.00
c)
$300.00
d)
$600.00
8.
If your gross pay is $800 and deductions are $200, how much is net pay?
a)
$800
b)
$200
c)
$1,000
d)
$600
9.
If someone earns $900 in gross pay for the week, calculate their social security deduction.  The rate for social security is 6.2%.
a)
$558.00
b)
$55.80
c)
$145.16
d)
$895.80
10.
What are three ways you have benefited from taxes today?
a)
Zoo's, Arena's, and Walmart
b)
Highway Signs, Highways, and bike reflectors
c)
Police Officers, Teachers, and the Internet
d)
Schools, Libraries, and Clean Communities
11.
If you buy an item at the grocery store you pay _________tax.
a)
sales
b)
property
c)
income
d)
payroll
12.
the tax paid on the value of property that you own is ____________ tax.
a)
sales
b)
property
c)
income
d)
payroll
13.
tax paid on money from a job based on a person's income is ___________ tax.
a)
sales
b)
payroll
c)
property
d)
income
14.
You only pay this tax when you purchase certain products, such as gas, cigarettes, or alcohol.
a)
Excise Tax
b)
Sales Tax
c)
Income Tax
d)
Social Security and Medicare Tax
15.
Which tax is it?
Sasha bought a townhouse last year. She just got a tax bill from the county showing a value of her house and the amount of tax she owes.
a)
Property Tax
b)
Excise Tax
c)
Estate Tax
d)
Sales Tax
16.
Which tax is it?
Jake got his paycheck today. He worked 40 hours at $20 per hour. His pay was $800, but the amount of his paycheck was only $623.15.
a)
Income Tax
b)
Property Tax
c)
Corporate Income Tax
d)
Excise Tax
17.

Sales taxes are

a)

progressive

b)

proportional

c)

regressive

18.

When the tax rate increases as income increases, the tax is called

a)

progressive

b)

situational

c)

proportional

d)

regressive

19.

When the tax rate decreases as income increases, the tax is called

a)

proportional

b)

progressive

c)

regressive

d)

retrogressive

20.

Which sort of tax is the income tax?

a)

progressive

b)

proportional

c)

regressive

d)

flat

21.

When people pay the same percentage regardless of income it is

a)

a progressive tax

b)

a proportional tax

c)

a regressive tax

22.

Dave makes $25,000 per year and pays 10% in taxes.

Charlotte makes $75,000 per year and pays 15% in taxes.

Lou makes $400,000 per year and pays 25% in taxes.


This is best described as a

a)

proportional tax

b)

regressive tax

c)

progressive tax

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