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WorksheetsJA CFA Review
Total questions: 13
Worksheet time: 8mins
What are the three main types of taxes?
Sales tax, property tax, and unemployment tax
Federal income tax, unemployment tax, and state income tax
Unemployment tax, sales tax, and property tax
Income tax, sales tax, and property tax
What is social security?
A private insurance system just for the elderly people
The amount of money someone has
A social insurance system
None of the above
The purpose of taxes is to
improve roads
support government
pay retirement benefits
all of the above
Who pays taxes?
Anyone who has a job
Anyone who purchases items
Anyone who owns property
All of the above
Who pays money into social security?
Employees
Self-employed people
Employers
All of the above
Federal, Social Security, and Medicare are all types of taxes
True
False
The total amount of earnings made in a month AFTER all deductions (taxes) have been taken is known as
gross annual income
gross monthly income
net annual income
net monthly income
The total amount of earnings made over a month, before any deductions (before taxes), is known as
gross annual income
gross monthly income
net annual income
net monthly income
Tina will be working at the municipal pool as a life guard this summer. She will earn $1,000 per month (a total of $3,000 for the summer). Tina does not plan to work any other job this year because of her school responsibilities.
What is Tina's gross annual income (GAI)?
1,000
2,000
3,000
4,000
Tina will be working at the municipal pool as a life guard this summer. She will earn $1,000 per month (a total of $3,000 for the summer). Tina does not plan to work any other job this year because of her school responsibilities. Tina pays the following taxes:
-$210 federal income tax total for the summer
-$100 state income tax total for the summer
-$55 Social Security (FICA) tax total for the summer
-$30 Medicare tax total for the summer
What are Tina's total paycheck deductions for each month?
$395
$375
$895
685
Tina will be working at the municipal pool as a life guard this summer. She will earn $1,000 per month (a total of $3,000 for the summer). Tina does not plan to work any other job this year because of her school responsibilities.
What is Tina's gross monthly income for each of the summer months (GMI)?
1,000
2,000
3,000
4,000
Which of the following choices below describes a debit card?
Money directly comes out of your paypal account
You buy now and pay now
Money directly comes out of your savings account
All of the above
Which of the following choices below describe a credit card?
Money directly comes out of your checking account
Money directly comes out of your savings account
You buy now and pay later
Both a and c
