WorksheetsModule 1 Review
Total questions: 20
Worksheet time: 13mins
As levels of education increase, wages and lifetime earnings tend to increase.
True
False
Are Sales Taxes direct or indirect?
Direct
Indirect
Which of the 3 tax types has the same tax rate for all income levels?
Progressive
Proportional
Regressive
How much tax would you owe on $50,000 if the flat tax rate was 20%?
10,000
1,000
20,000
2,000
Which is higher, your gross or net pay?
Gross Pay
Net Pay
Is income tax direct or indirect?
Direct Tax
Indirect Tax
The US income tax is an example of which of the 3 types of taxes?
Progressive
Proportional
Regressive
Your gross income is $60,000. What is your net income if you had a flat tax rate of 30%?
18,000
42,000
1,800
4,200
Which of the following offers future educational incentives as a perk in most instances?
Higher Education
Military
Entry Level Job
Is property tax direct or indirect?
Direct
Indirect
What do you call amounts the government has determined that people can claim to lower their taxable income?
Gross Pay
Net Pay
Deductions
Marginal Tax Rates
What is your gross pay if you earn $15 an hour, working 40 hours a week, per 50 weeks of the year?
20,000
30,000
40,000
50,000
What will happen to wages in an industry if demand for the good goes down?
Wages go up
Wages stay the same
Wages go down
Are 911 service fees direct or indirect taxes?
Direct tax
Indirect tax
Which of the 3 types of taxes is a flat tax?
Progressive
Proportional
Regressive
How much tax would you owe if you earned $20 an hour, working 30 hours a week, for 50 weeks, with a flat tax of 30%?
6,000
7,000
8,000
9,000
Which type of expense changes each month in a budget?
Fixed
Variable
Which of the 3 types of taxes is a gas tax?
Progressive
Proportional
Regressive
What is your net pay if you earned $10 an hour, working 20 hours a week, for 50 weeks, with a 10% flat tax rate?
7,000
9,000
11,000
13,000
Which of these budget items could you easily reduce if you were on the verge of overspending? (Hint: think needs vs. wants!)
Rent
Car Insurance
Groceries
Video Games
