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Financial Coach Dan - Careers and taxes

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.

Tax paid by anyone who earns and income

a)

Personal Branding

b)

Sales Tax

c)

Social Security

d)

Income Tax

2.

A brief account of one's professional or work experience and qualifications, often submitted with an employment application

a)

Social Security

b)

Portfolio

c)

Resume

d)

Earned Income

3.

The process by which we "market" ourselves to others; involves highlighting personal strengths, interests, and unique qualities and identifying goals

a)

Personal Branding

b)

Resume

c)

Social Security

d)

Tik Tok

4.

Any income (wages/salary) that is generated by working

a)

Social Security

b)

Sales Tax

c)

Earned Income

d)

Passive Income

5.

Money earned on a regular basis with little or no effort required to maintain it. Some things that produce passive income are real estate, intellectual property like books or internet content, or a business in which the owner is not actively involved

a)

Income Tax

b)

Resume

c)

Social Security

d)

Passive Income

6.

A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed, or disabled

a)

Social Security

b)

Donald's Dollars

c)

Fed Payments

d)

Free Money

7.

Tax on goods and services that goes to your state or local government (7% in Forsyth County - 4% goes to the state and 3% goes to the county)

a)

Sales Tax

b)

Property Tax

c)

Income Tax

d)

Grocery Tax

8.

Income generated by selling an investment at a higher price than you paid for it

a)

Windfall

b)

Portfolio Income

c)

Income Tax

d)

Sales Tax

9.

Taxes paid by anyone who owns property such as land, a home, or commercial real estate

a)

Sales Tax

b)

Personal Tax

c)

Property Tax

10.

Which of the following are characteristics of an effective personal goal?

a)

It should be easy to accomplish

b)

you should be able to measure it.

c)

Is should be specific

d)

Both specific and measurable

11.

This tax pays for benefits that workers and families receive for either Social Security or Medicare.

a)

Excise tax

b)

Income tax

c)

Federal Insurance Contribution Act (FICA)

d)

Property tax

12.

The process by which we ʺmarketʺ ourselves to others by highlighting personal strengths, interests, unique qualities and identifying goals

a)

Personal taxes

b)

Personal selling

c)

Personal branding

d)

Personal story

13.

Which of the following statements about goal setting is false?

a)

Your goals should be shared with the people closest to you

b)

Your goals should have a deadline

c)

Your goals should challenge you, yet be obtainable

d)

once you have written down your goals there really is no reason to review them again

14.

What is the difference between gross pay and net pay?

a)

Gross and net pay are the same.

b)

Net pay describes your pay after deductions; gross pay is before.

c)

Gross pay describes your pay after deductions; net pay is before.

d)

Gross pay is when you are not paid enough for the work you do.

15.

You should only make and focus on one goal at a time

a)

True

b)

False

16.

When applying for a job, you should

a)

Follow up with the employer

b)

Present yourself well

c)

Provide a resume and cover letter

d)

All of the above

17.

IRS stands for

a)

Independent Royal Society

b)

Irrational Requirement Status

c)

Internal Revenue Service

d)

Instant Representation State

18.

The Internal Revenue Service (IRS) is the federal government agency responsible for Tax collection and tax law enforcement

a)

True

b)

False

19.

The government (Federal, State and Local) relies on taxes to

a)

Pay for services such as roads, education and social services

b)

make your house payment for you

c)

take from the rich to give to the poor

d)

Remind the citizens who is boss

20.

Income generated by selling an investment at a higher price than you paid for it

a)

Excise Income

b)

Passive income

c)

Portfolio Income

d)

Retirement Income

21.

It is expected that young adults will achieve the same standard of living as their parents shortly after graduating from college

a)

True

b)

False

22.

A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed or disabled

a)

Old Folks Accounts

b)

Social Security

c)

Withholding

d)

Tax Insurance Program (TIP)

23.

Sales tax and excise tax are both taxes on

a)

Property

b)

Income

c)

Consumption

d)

Wealth

24.

Any income that is generated by working

a)

Passive income

b)

Earned Income

c)

Variable Income

d)

Fixed Income

25.

Without contentment, your whole life will just be jumping from one thing to another, always hoping that the next thing will be the thing that will make you happy.

a)

True

b)

False