NEW
Font size
S
M
L
XL
WorksheetsTaxes, Banking, and Charitable Giving
Total questions: 27
Worksheet time: 27mins
Name
Class
Date
1.
You complete this form on the first day at a new job to tell your employer how much to withold for taxes
a)
W-4
b)
W-2
c)
1040
d)
1099
2.
You complete this form before April 15th each year to determine how much taxes you owe and/or calculate your refund
a)
W-4
b)
W-2
c)
1040
d)
1099
3.
For salaried and wage-based jobs, your employer fills out this form and mails it to you by the end of January each year to tell you how much you earned and had withheld for taxes
a)
W-4
b)
W-2
c)
1040
d)
1099
4.
For contract jobs, your contractor fills out this form and mails it to you by the end of January each year to tell you how much you earned and had withheld for taxes
a)
W-4
b)
W-2
c)
1040
d)
1099
5.
What two things make up FICA taxes?
a)
Social Security and Medicare
b)
Social Security and Federal Income Taxes
c)
Social Security and Healthcare
d)
Social Security and State taxes
6.
Which term is your income BEFORE deductions are taken out?
a)
Gross Pay
b)
Net Pay
7.
Which term is your income AFTER deductions are taken out?
a)
Gross Pay
b)
Net Pay
8.
Which of the following are the three largest categories of federal government spending?
a)
Infrastructure, Defense, and Science
b)
Health, Military, and Interest on Debt
c)
Veterans, Infrastructure, and Education
d)
Education, Defense, and Food/Agriculture
9.
At what age are you required to pay taxes?
a)
16
b)
18
c)
21
d)
There is no specific age requirement for taxes.
10.
This is the day taxes are due each year
a)
January 1st
b)
January 31st
c)
April 15th
d)
October 15th
11.
This is the day taxes are due if you have an extension
a)
January 1st
b)
January 31st
c)
April 15th
d)
October 15th
12.
Which method for paying taxes is generally the fastest way to get your refund
a)
Filling out the paper forms and mailing them
b)
Digital tax preparation software
c)
Having a professional file your taxes for you
13.
Which method for paying taxes is generally cheapest
a)
Filling out the paper forms and mailing them
b)
Digital tax preparation software
c)
Having a professional file your taxes for you
14.
Which method for paying taxes is best for complicated finances
a)
Filling out the paper forms and mailing them
b)
Digital tax preparation software
c)
Having a professional file your taxes for you
15.
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.
a)
withholding
b)
direct deposit
c)
deduction
d)
refund
16.
Which bank card can only be used to withdraw cash from an ATM?
a)
Credit card
b)
ATM card
c)
Debit card
d)
Gift card
17.
Which bank card can be used to make purchases at stores drawing money directly from your account?
a)
Credit card
b)
ATM card
c)
Debit card
d)
Gift card
18.
Which bank card allows you to borrow money for purchases that must be paid back?
a)
Credit card
b)
ATM card
c)
Debit card
d)
Gift card
19.
Which banking service allows you to quickly withdraw cash from your account from convenient locations?
a)
ATMs
b)
Branch location
c)
Online banking
d)
Mobile banking
20.
Which banking service provides full customer services to account holders?
a)
ATMs
b)
Branch location
c)
Online banking
d)
Mobile banking
21.
Which banking service allows you to deposit checks and find the nearest atm or branch location?
a)
ATMs
b)
Branch location
c)
Online banking
d)
Mobile banking
22.
Which banking service provides most services including 24 hour access to bank statements?
a)
ATMs
b)
Branch location
c)
Online banking
d)
Mobile banking
23.
Which banking fee is applied when you withdraw more money than is in your account?
a)
overdraft fee
b)
ATM fee
c)
monly fee
d)
bounced check fee
24.
This refers to how quickly you can access your money from an account
a)
liquidity
b)
overdraft
c)
interest
d)
fluidity
25.
Which type of account is the MOST liquid?
a)
Checking Account
b)
Traditional Savings Account
c)
Money Market Account
d)
Certificate of Deposit
26.
Which type of account is the LEAST liquid?
a)
Checking Account
b)
Traditional Savings Account
c)
Money Market Account
d)
Certificate of Deposit
27.
What is the least reliable way to choose a charitable organization?
a)
The name of the charity
b)
Accounting reports
c)
Watchdog websites
d)
Charities with tax exempt 501(c)(3) public charity status
Reset
