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Module 2: Income and Taxes

Total questions: 35

Worksheet time: 28mins

Name
Class
Date
1.

Training employees to be efficient in more than one skill is called ____.

a)

Flextime

b)

Job sharing

c)

Job rotation

d)

Overtime

2.

The right of a person hired first to be fired last is called ____.

a)

A fringe benefit

b)

Sick leave

c)

Seniority

d)

A work incentive

3.

The property tax is an example of which type of tax?

a)

Progressive tax

b)

Regressive tax

c)

Proportional (flat) tax

d)

Excise tax

4.

In the United States we have progressive income taxes which means that as taxable income increases, income tax rates ____.

a)

Also increase

b)

Stay the same

c)

Decrease

d)

Depends on other factors

5.

Which of the following workplace trends allows flexibility for employees in work hours?

a)

Job rotation

b)

Job sharing

c)

Family leave

d)

Flextime

6.

Which of the following is NOT an income tax filing status?

a)

Single person

b)

Divorced person

c)

Married person filing joint return

d)

Head of household

7.

A closer examination of tax returns by the IRS is called ____.

a)

Tax evasion

b)

A tax bracket

c)

An audit

d)

An itemization

8.

Which of the following is NOT part of taxable income?

a)

Tips

b)

Child support (if you receive it)

c)

Interest from savings accounts

d)

Dividends from stock investments

9.

Social Security and Medicare make up an employee’s ____ deductions.

a)

Interest

b)

401K

c)

FICA

d)

IRA

10.

For 2022, the standard deduction for a single taxpayer is valued at ____.

a)

$10,000

b)

$25,800

c)

$12,950

d)

$19,425

11.

An individual who works in management for Walmart is said to work in the _____.

a)

Private sector

b)

Blue-collar industry

c)

Public sector

d)

Military

12.

The figure used to look up the tax you owe on the tax table is called:

a)

Gross income

b)

Total revenue

c)

Net income

d)

Taxable income

13.

An Auto Mechanic is an example of a(n) ____ worker

a)

White collar

b)

Government

c)

Blue collar

d)

Purple collar

14.

This form is filled out as a part of new-hire paperwork and determines how much tax is withheld from your paycheck.

a)

W-4

b)

W-2

c)

W-3

d)

1040

15.

Overtime is calculated, by law, as _________.

a)

“Double time”

b)

"Time-and-a-half"

c)

"Triple time"

d)

"Half-time"

16.

Time off, insurance, bonuses and alternative work schedules are all examples of ____.

a)

Salary

b)

Assets

c)

Benefits

d)

Compensation

17.

Willful failure to pay taxes is a crime known as ____.

a)

Tax evasion

b)

Tax fraud

c)

Voluntary compliance

d)

Auditing

18.

Social security and Medicare are deductions from our gross pay also known as _____ deductions.

a)

401K

b)

IRA

c)

FICA

d)

Fiscal

19.

A person’s net worth is calculated as follows:

a)

Credit + Assets = Net Worth

b)

Debt – Credit = Net Worth

c)

Assets + Liabilities = Net worth

d)

Assets - Liabilities = Net worth

20.

A Corporate Attorney is an example of a _____ worker.

a)

White collar

b)

Blue collar

c)

Black market

d)

Government

21.

“Married filing jointly” is an example of a(n) ___________.

a)

Benefit

b)

Exemption

c)

Deduction

d)

Tax filing status

22.

The American Dental Association is an example of which of the following?

a)

A labor union

b)

A management group

c)

A professional organization

d)

A mediator

23.

Stipends are ___________.

a)

One time lump sum payments

b)

Paid to individuals who work over 40 hrs. per week

c)

A percentage of sales

d)

Deductions to gross income

24.

Which is NOT a major function of labor unions?

a)

Recruit new members

b)

Provide support services for members

c)

Oversee collective bargaining

d)

Administer exams and accreditations

25.

Mandatory deductions from a person’s paycheck include ______.

a)

Property taxes and employee benefits

b)

Taxes and contributions to a retirement account

c)

Regressive taxes and employee savings

d)

Federal withholding tax and FICA taxes

26.

The money given back to the tax-payer if they have over paid taxes for the year is known as a tax _______.

a)

Assessment

b)

Refund

c)

Audit

d)

Deduction

27.

Wages are _______.

a)

Hourly earnings

b)

A percentage of sales

c)

One-time lump sums

d)

Exempt from federal income tax

28.

A sales tax is an example of a _______.

a)

Progressive tax

b)

Proportional tax

c)

Regressive tax

d)

Income tax

29.

Which of the following is the primary source of income for young professionals?

a)

Child support

b)

Dividends

c)

Capital gains

d)

Wages, tips, & salaries

30.

An individual who teaches for Stafford County Schools is said to work in the ______.

a)

Private sector

b)

Blue-collar industry

c)

Public sector

d)

Military

31.

Which U.S. Federal Agency controls our Nation’s Monetary Policy?

a)

The IRS

b)

The U.S. Treasury Department

c)

The FDIC

d)

The Federal Reserve System (The Fed)

32.

Which U.S. Department works with the IRS to control our Nation’s Fiscal Policy?

a)

The IRS

b)

The U.S. Treasury Department

c)

The FDIC

d)

The Federal Reserve System (The Fed)

33.

Which tax form is used to file your income taxes and to determine if you have earned a refund or if you owe the IRS?

a)

W-4

b)

Form 1040

c)

Form 1099

d)

W-2

34.

Which tax form reports income from wages, tips and/or salary in a given tax year? (comes from your employer)

a)

W-4

b)

Form 1040

c)

Form 1099

d)

W-2

35.

If a person has a net worth of $5,000 and has assets totaling $7,000. How much does this person have in liabilities?

a)

$2000

b)

$7000

c)

$5000

d)

$12,000