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Worksheets2.01- intro Depository Institution & 2.02 - Basics of Taxes
Total questions: 20
Worksheet time: 16mins
Name
Class
Date
1.
All states have state income tax.
a)
True
b)
False
2.
Payroll tax include deductions for the Social Security and Medicare program.
a)
True
b)
False
3.
Unearned income could include interest earned from a savings account.
a)
True
b)
False
4.
Consumption items such as gas, hotel rooms and airline tickets are often charged an excise tax.
a)
True
b)
False
5.
State and Federal income tax are the same.
a)
True
b)
False
6.
A person who pays a tax to national, state, county or municipal governments
a)
community
b)
taxes
c)
taxpayer
d)
sales tax
7.
A sum of money demanded by a government to support the government itself as well asspecific facilities or services
a)
taxes
b)
taxpayer
c)
earned income
d)
community
8.
Who is Medicare designed to help?
a)
Low income families
b)
Single parents
c)
Senior Citizens
d)
Children of unemployed parents
9.
Money earned from working for pay
a)
excise tax
b)
income tax
c)
sales tax
d)
payroll tax
10.
A tax on earned and unearned income
a)
property tax
b)
unearned income
c)
income tax
d)
community
11.
A tax on property, such as land, buildings (including homes), and automobiles
a)
sales tax
b)
taxes
c)
property tax
d)
taxpayer
12.
Which statement is TRUE about Payroll Taxes?
a)
Payroll taxes are paid are paid on both earned and unearned income.
b)
Payroll taxes fund different operations and programs of the federal government.
c)
Payroll taxes fund the Social Security and Medicare programs.
d)
The amount of tax paid depends on many different factors but increases as income increases
13.
A tax on purchased goods and services
a)
community
b)
property tax
c)
earned income
d)
Sales tax
14.
A machine that allows individuals to complete certain transactions from machine without human assistance
a)
Savings tool
b)
Automated teller machine
c)
commercial bank
d)
online banking
15.
An account that allows quick access to funds for transactions
a)
online banking
b)
savings tool
c)
savings account
d)
checking account
16.
Depository institutions that offer many banking services and are owned by their customers
a)
commercial bank
b)
credit union
c)
mobile banking
d)
online banking
17.
For-profit depository businesses that offer financial services to both consumers and other businesses
a)
checking account
b)
debit card
c)
commercial bank
d)
mobile banking
18.
A plastic card that is electronically connected to the cardholder's depository institution account
a)
credit card
b)
debit card
c)
interest card
d)
savings card
19.
The percentage rate used to calculate interest
a)
percentage
b)
rate of return
c)
interest rate
d)
interest accrual
20.
An account at a depository institution that is designed to hold money not spent on current consumption
a)
ATM
b)
interest
c)
savings account
d)
interest rate
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