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Taxes, Comparison Shopping, & Debit/Credit

Total questions: 45

Worksheet time: 34mins

Name
Class
Date
1.
The money you earn after deductions is called _______________.
a)
gross income
b)
net income
2.
Gross income is always ________than net income.
a)
more
b)
less
3.

Sales tax in Indiana is ___________.

a)

7.25%

b)

7%

c)

7.5%

4.

Izaiah wanted to buy a pair of Jordans for $110. The sales tax is 8%. What is the total amount Izaiah will pay for his Jordans?

a)

$118.80

b)

$110

c)

$118

d)

$8.80

5.
Sales tax is __________ to the price
a)
subtracted
b)
added
c)
multiplied
d)
divided
6.
How much tax would you pay on a new TV that is $899 at Best Buy, if the tax rate is 6.5%?
a)
$957.44
b)
$841
c)
$58.43
7.
What is Property Tax
a)
Tax on Land, Vehicles and Property
b)
Tax on Government Buildings
c)
Tax on Businesses
d)
Tax on Educators
8.
IRS stands for what when talking about taxes?
a)
Internal Revenue Service
b)
Individual Return System
c)
I'm Really Sorry
d)
International Revenue System
9.
What is the "official" deadline for taxes?
a)
Feb 14
b)
Jan 31
c)
April 15
d)
April 17
10.
The government applies your tax dollars to which of the following?
a)
Highways
b)
Bridges
c)
Roads
d)
All of the above
11.
Which tax is it?
Yvonne buys gloves that cost $10.00. At the register, she must pay $10.80.
a)
Sales Tax
b)
Excise Tax
c)
Social Security and Medicare Tax
d)
Corporate Income Tax
12.
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
13.
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
14.

Different states have different amount of percentages for sales tax

a)

True

b)

False

15.

The less money you earn , the more you have to pay on income tax

a)

True

b)

False

16.

For which tax deduction was $64.50 deducted from Antoine Smith's gross income?

a)

Social Security

b)

Medicare

c)

Federal Withholding Tax

d)

State Withholding Tax

17.
What is the length of the pay period Antoine just worked?
a)
about two weeks
b)
about a month
c)
about 4 weeks
18.

All 50 states have a sales tax.

a)

True

b)

False

19.

Net pay

a)

is more than gross pay

b)

is also known as take home pay

c)

is gross pay minus 7.65%

d)

Depends on how much the employee wants to pay in social security tax

20.

Who pays taxes?

a)

Most people who have a job.

b)

Most people who purchase items

c)

Most people who own property

d)

All of the above

21.

What are the three types of taxes?

a)

Federal Income, Unemployment, and State

b)

Sales, Property, and Unemployment

c)

Income, Sales, and Property

d)

Unemployment, Sales, and Property

22.

Students are too young to pay taxes.

a)

True

b)

False

23.

All goods and services have sales tax added.

a)

True

b)

False

24.
Evaluating similar items to check quality and price is ....
a)
comparison shopping
b)
impulse buying
c)
consumerism
d)
stinginess
25.

What is the unit cost if 5 boxes of cookies cost $6.25?

a)

$1.50 per box

b)

$1.25 for every box

c)

$0.75 for each box

d)

$0.80 per box

26.
Making a sudden decision to buy something you didn't plan to buy is called ...
a)
comparison shopping
b)
consumerism
c)
impulse buying
d)
reckless shopping
27.

A manufacturer's written promise to repair or replace a product if it doesn't work as claimed is a ....

a)

signed promise

b)

sealed bargain

c)

replacement clause

d)

warranty

28.
What must you have, if you want to return an item or have a warranty honored?
a)
cancelled check
b)
original tag
c)
receipt
d)
store approval
29.
Cost and quality are directly related. If it costs a lot of money, it must be good! 
a)
I’m not sure 
b)
Not true! Sometimes cost has nothing to do with the quality of a product 
c)
This is always true
d)
This always false
30.
If you know the unit price of an item, you are better able to:
a)
compare prices of two brands
b)
estimate how much you will need
c)
determine the total cost of the purchase
d)
figure out the discount during a sale
31.
Which of the following is not true about the difference between credit cards and debit cards? 
a)
purchases made with a debit card come directly out of your bank account
b)
you must pay off your credit card bill monthly or there will be penalties 
c)
you must have a bank/checking account to use a debit card 
d)
credit cards use money from your savings account 
32.
What's the Better Buy - $1.32 for 12 oz OR $1.49 for 16 oz?
a)
$1.32
b)
$1.49
c)
They are equal 
33.
The formula to find the unit price of an item is?
a)
Cost divided by the number of units
b)
Cost multiplied by the number of units.
c)
The number of units divided by the number of ounces in the item. 
d)
The number of units multiplied by the number of ounces in the item.
34.
Is buying cheaper always a better deal?
a)
Always 
b)
Sometimes 
c)
Never 
35.

Angus choice steak

13.95 for 5 pounds

a)

2.97 per pound

b)

5.25 per pound

c)

2.79 per pound

d)

3.15 per pound

36.
You can purchase an item now and pay for it later.
a)
Debit card
b)
Credit card
c)
Both
37.
Interest may be charged.
a)
Debit card
b)
Credit card
c)
Both
38.
It can be used to purchase goods and services.
a)
Debit card
b)
Credit card
c)
Both 
39.

Which type of card is directly linked to your bank account?

a)

Credit card

b)

Debit card

40.

Which type of card limits you to the money in your bank account?

a)

Credit card

b)

Debit card

41.

Great for emergency situations

a)

credit card

b)

debit card

c)

both

42.

It is convenient

a)

Credit Card

b)

Debit Card

c)

Both

43.

It replaces cash

a)

Credit card

b)

Debit card

c)

Both

44.

Your mom goes to the ATM at the bank and withdraws $300 form her savings account

a)

Credit card

b)

debit card

c)

both

45.

YOur dad takes the car to be inspected. Your dad pays with a card. The payment for the inspections shows up on his monthly bill for the card.

a)

Credit card

b)

debit card

c)

both

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