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Worksheets

Module 1 Review

Total questions: 20

Worksheet time: 13mins

Name
Class
Date
1.

As levels of education increase, wages and lifetime earnings tend to increase.

a)

True

b)

False

2.

Are Sales Taxes direct or indirect?

a)

Direct

b)

Indirect

3.

Which of the 3 tax types has the same tax rate for all income levels?

a)

Progressive

b)

Proportional

c)

Regressive

4.

How much tax would you owe on $50,000 if the flat tax rate was 20%?

a)

10,000

b)

1,000

c)

20,000

d)

2,000

5.

Which is higher, your gross or net pay?

a)

Gross Pay

b)

Net Pay

6.

Is income tax direct or indirect?

a)

Direct Tax

b)

Indirect Tax

7.

The US income tax is an example of which of the 3 types of taxes?

a)

Progressive

b)

Proportional

c)

Regressive

8.

Your gross income is $60,000. What is your net income if you had a flat tax rate of 30%?

a)

18,000

b)

42,000

c)

1,800

d)

4,200

9.

Which of the following offers future educational incentives as a perk in most instances?

a)

Higher Education

b)

Military

c)

Entry Level Job

10.

Is property tax direct or indirect?

a)

Direct

b)

Indirect

11.

What do you call amounts the government has determined that people can claim to lower their taxable income?

a)

Gross Pay

b)

Net Pay

c)

Deductions

d)

Marginal Tax Rates

12.

What is your gross pay if you earn $15 an hour, working 40 hours a week, per 50 weeks of the year?

a)

20,000

b)

30,000

c)

40,000

d)

50,000

13.

What will happen to wages in an industry if demand for the good goes down?

a)

Wages go up

b)

Wages stay the same

c)

Wages go down

14.

Are 911 service fees direct or indirect taxes?

a)

Direct tax

b)

Indirect tax

15.

Which of the 3 types of taxes is a flat tax?

a)

Progressive

b)

Proportional

c)

Regressive

16.

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%?

a)

6,000

b)

7,000

c)

8,000

d)

9,000

17.

Which type of expense changes each month in a budget?

a)

Fixed

b)

Variable

18.

Which of the 3 types of taxes is a gas tax?

a)

Progressive

b)

Proportional

c)

Regressive

19.

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?

a)

7,000

b)

9,000

c)

11,000

d)

13,000

20.

Which of these budget items could you easily reduce if you were on the verge of overspending? (Hint: think needs vs. wants!)

a)

Rent

b)

Car Insurance

c)

Groceries

d)

Video Games