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WorksheetsEconomics Unit 4 Test Review
Total questions: 40
Worksheet time: 40mins
14. Julia earns $40,000 per year. This is an example of:
Wages
Assets
Commission
Salary
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
Which of the following is FALSE about the W-2 form?
The W-2 is sent out in April of every year
It lets you know how much you earned last year
It lets you know how much was withheld from your paychecks
You get 1 W-2 form each year, from each employer
This is a percentage of earnings that is taken out of ones paycheck.
Liberty Tax
Security Tax
Income Tax
Sales Tax
What is the definition of "rate of return"?
expected financial profit from starting a savings account
expected return from saving money
expected gain from starting a new business venture
expected return from making an investment
Which of the following is NOT an example of a non-income factor that can help a person decide which occupation to pursue?
career prospects
benefits
wage per hour
traveling distance
The labor market is also known as the ______ market
job
financial
stock
employment
An employee who is more _____________ will have a better reputation, and therefore will also have a better opportunity to earn more money through more hours and promotions.
productive
experienced
professional
prosperous
A registered nurse can earn an average salary of $90,000 in Hawaii and $57,000 in Kansas. This is relative to the location and ______ __ ________.
cost of location
cost of living
rate of return
rate of living
Benefit vs cost is also referred to as what?
positive vs negative
pros vs cons
good vs bad
profit vs non-profit
Who will send you your W-2 form every year by January 31st once you enter the workforce?
you will be be sent a W-2 form
the government
the IRS
your employer
What is the name of the tax that is paid to a governing body for the sales of certain goods and services?
sales tax
income tax
property tax
payroll tax
Your ___ ________ is the rate you pay on your highest dollar of taxable income.
tax rate
tax bracket
sales tax
tax percent
Which of the following would NOT be included in utilities?
water
electric
gas
groceries
What bureau under the Federal Trade Commission (FTC) protects American consumers from fraud?
Bureau of Fraud Protection
Bureau of Consumer Protection
Better Business Bureau
Bureau of Consumer Purchases
What is the most common method for researching goods and services before purchase?
consumer reviews
calling businesses
the internet
Forming the habit early of carefully considering each purchase is a good habit to start now because it can prevent you from which of the following things?
creating a lower cost of living
creating a succesful business
creating a high credit score
creating unnecessary debt
__________ serve as a common language within the free market system.
Prices
Incentives
Resources
Influences
Prices set a ___________ ____________ of value for products
green light
standard measure
common language
incentive barrier
What determines how much we can afford to pay for an item?
our budgeting method
our income
our preferences
our age
Which of the following is a large-scale positive effect of consumer decisions?
improve economic growth
increase unemployment rates
improve individuals credit scores
create debt
Which of the following is a large-scale negative effect of consumer decisions?
create debt for individuals
more industrial production
deplete natural resources
improve standard of living
Which of the following is NOT one of the 4 main product features?
durability
maintenance cost
life of the product
quantity
Which of the following is NOT one of the top 5 reasons why people donate to charity?
egoism
taxes
honesty
altruism
What benefit do non-profit companies receive?
tax exemption
tax bracketing
less expenses
more profit
What does the labor market determine for workers?
unemployment
wages and salaries
government legislation
experience level needed
What is Florida's rank for cost of living?
25
30
48
7
Which of the following is NOT one of the qualities or skills that contribute to being a more productive worker?
time management
ability to prioritize and minimize distractions
organizational skills
maximizing home life issues/stress
Which form tells you your wages, tips and taxes taken out from the previous year of work?
W-2
W-4
1098
1040-EZ
Which of the following is NOT one of the 4 other recommended sources of income?
rental income
investments
snowball debt
interest income
What are capital gains?
money you earn when you sell an investment
land, real estate, stocks, bonds and/or mutual funds
extra money that you make when you loan money to someone with interest
if you own something and rent it out to other people
What is the FIRST thing someone should consider when creating their budget?
the total sum of monthly expenses
how much will be spent on rent and utilities
how much will be spent on rent
how much taxes will be taken out
What is the definition of fraud?
removing financial resources from someone without their permission
scamming someone
wrongful or criminal deception intended to result in financial or personal gain.
lying to someone for financial or personal gain
Which of the following is a common type of scam that has increased due to increasing use and availability of technology?
robocalls
IRS calls
scam baiting
insurance fraud
