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Worksheets

Economics

Total questions: 189

Worksheet time: 28hrs 51mins

Name
Class
Date
1.
Jose Altuve for the Houston Astros makes $625,000 every year.  He has to pay taxes on the money his annual earnings. Which type of tax is that?
a)
Property Tax
b)
Income Tax
c)
Payroll tax
d)
Sales tax
2.
Frank's parents own their house. Which type of tax will Frank's parents pay annually?
a)
Property Tax
b)
Payroll Tax
c)
Income Tax
d)
Sales tax
3.
Jared bought a new boat. He had to pay which kind of tax on his new boat? 
a)
Property Tax
b)
Income Tax
c)
Payroll tax
d)
Sales tax
4.
Income tax is-
a)
Money your employer pays to you
b)
Money you earn and put into the bank
c)
Tax paid on the money you earn annually
d)
Money you pay to your employee
5.
The cost for the new Fallout 4 game is $59.99, but the cashier asked for more money, because of a tax.  What type of tax is this? 
a)
Income
b)
Property
c)
Payroll
d)
Sales
6.
Harris county charges tax each year on the house that Julia owns.  She pays around $6,500 in taxes each year for her house. Which type of tax is this?
a)
Income
b)
Property
c)
Payroll
d)
Sales
7.
This is a tax on retail items 
a)
Income
b)
Property
c)
Payroll
d)
Sales
8.
Property Tax is-
a)
Tax on things you buy or purchase
b)
tax on the house you own
c)
tax take out of your paycheck
d)
tax that you pay once a year on your income
9.
Sales Tax is-
a)
tax on retail goods
b)
tax on the house you own
c)
tax taken out of your paycheck
d)
tax that you pay once a year on your income
10.
Taxes are - 
a)
Money given to you by the government
b)
Free money to you
c)
Money you must pay to the government
d)
Money in someone's piggy bank
11.

Which of these is a progressive tax?

a)

airport tax

b)

income tax

c)

property tax

d)

sales tax

12.

Who primarily uses our tax money? (hint: choose 2 correct answers)

a)

Your employer

b)

The state government

c)

The Federal government

d)

Local Businesses

13.

What types of taxes contribute to Federal tax revenue? ( hint: choose 4 correct answers :)

a)

Corporate Income Tax

b)

Income Tax

c)

Estate Tax

d)

Excise Tax

14.
a tax in which the tax rate increases as the taxable amount increases
a)
progressive
b)
regressive
c)
flat
d)
proportional
15.
a tax system with a constant marginal rate, usually applied to individual or corporate income. 
a)
regressive
b)
progressive
c)
income
d)
flat
16.
A _________ tax, also referred to as a flat tax, impacts low-, middle- and high-income earners relatively equally. 
a)
regressive
b)
proportional
c)
income
17.

the Federal Government earns most of its money from...

a)

Corporate Tax

b)

Social Security and Retirement

c)

Individual Income Tax

18.

Which of the following items would you pay an Excise tax on? (Select all that apply)

a)
b)
c)
d)
19.

What is gross income?

a)

The amount of money you get in your bank account

b)

The amount of money you earn

c)

Your taxable wages

d)

The total amount of money you have

20.

What is a deduction?

a)

money the government withholds from your paycheck

b)

money you subtract from your taxable income to lower the amount of taxes you owe

c)

a person who depends on you financially

d)

money your employer withholds from your paycheck to pay taxes on your behalf

21.

Why does the US government enforce antitrust laws?

a)

To ensure the development of public goods and services

b)

To create incentives for research and development

c)

To develop large-scale efficient industries

d)

To ensure competition in the marketplace

22.

Jane is a movie producer. She has just produced a new movie and she wants to ensure that she has the exclusive right to distribute the film.

What is the role the government would most likely play in protecting Jane’s property rights in this situation?

a)

Copyright law would prevent other people from showing the movie without her permission.

b)

Creative commons licensing would give her control of advertisements for the movie.

c)

Patent law would give her control of the machinery used to produce her movie.

d)

Trademark law would prevent others from discussing the movie in print.

23.

How does the federal government protect a company’s name or symbol?

a)

It issues a trademark

b)

It issues a copyright

c)

It issues a license

d)

It issues a patent

24.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
25.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
26.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
27.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
28.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus 
c)
market price 
d)
supply
29.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
30.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
31.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
32.

Supply is

a)

how much consumers are willing to  buy.

b)

how much a producer (a business) is  able and willing to make for sale to  consumers.

c)

the goods that are left over after a  sale.

d)

All of the above

33.

What does the law of demand say

a)

consumers will buy less of something  when the price goes down

b)

consumers will buy more of something  when price increases. 

c)

 consumers will buy more of something  when prices decrease.

d)

None of the above.

34.

Supply and demand determine

a)

needs and wants

b)

all goods produced

c)

the price for a good or service

d)

All of the above

35.

Equilibrium is 

a)

when there is a surplus

b)

when there is a shortage

c)

when there is both a surplus and a  shortage

d)

when the producer and the consumers  agree on a price

36.

Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 

a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
37.
Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 
a)
The price will remain the same.
b)
The price will rise.
c)
The price will fall.
38.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
39.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
40.
Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?
a)
The price will go up.
b)
The price will go down.
41.

What is the purpose of a free-market system?

a)

to protect the conditions that enable specialization

b)

to stimulate the growth of the gross domestic product

c)

to raise the standard of living for everyone in the country

d)

to allow consumers and producers to make their own decisions

42.

Consumer surplus decreases when the price in that market increases.

a)

True

b)

False

43.

Trade without the use of money

a)

banter

b)

theft

c)

barter

d)

purchase

44.

Consumer Price Index (CPI) measures

a)

height

b)

weight

c)

happiness

d)

inflation

45.

Before 1971 the American dollar was backed by?

a)

wheat

b)

gold

c)

corn

d)

oil

46.

People and communities are forced to make economic decisions due to the fundamental economic problem of what?

a)

taxes

b)

scarcity

c)

supply and demand

d)

natural resources

47.

Which of the following is NOT a factor of production?

a)

Capital Resources

b)

Labor

c)

Government

d)

Natural Resources

48.

When making a trade-off decision, which term describes the value of the option NOT taken?

a)

Opportunity Cost

b)

Surplus

c)

Shortage

d)

Equilibrium

49.

Which term best describes people like Mark Zuckerburg, Bill Gates, and Oprah Winfrey?

a)

Middle Class

b)

Government Agents

c)

Public Servants

d)

Entrepreneurs

50.

Which of the following is considered a capital resource?

a)

solar power

b)

a forest

c)

airplane

d)

part-time employee

51.

Which term identifies a share in a publicly traded firm?

a)

tax

b)

bond

c)

stock

d)

wage

52.

Which of the following is NOT a factor of production

a)

Entrepreneurship

b)

Natural Resources

c)

Capital Resources

d)

Tax Revenues

53.

Which economic law states that consumers are more willing an able to purchase goods and services when prices decrease?

a)

law of gravity

b)

law of averages

c)

law of supply

d)

law of demand

54.

What situation will likely result if the price of a good is set above equilibrium price?

a)

Inflation

b)

Shortage

c)

Surplus

d)

Bankruptcy

55.

Which of the following would likely cause the demand curve for housing to shift left?

a)

a decrease in the population

b)

an increase in home mortgage interest rates

c)

an increase in general income

d)

a decrease in automobile loans

56.

Economic booms can cause problems as well as create benefits because they are often accompanied by ________

a)

deflationary pressures.

b)

excessive labour-force participation.

c)

inflationary pressures.

d)

pressure on the government budget deficit to rise.

57.

Which group/s that tends to be most hurt by unexpected inflation?

a)

banks

b)

employers

c)

fixed-income earners

d)

variable-income earners

58.

When demand changes a lot with the price of a good that is

a)

Elastic

b)

Inelastic

59.

The Law of Supply says that as price_________supply___________

a)

Increases, Decreases

b)

Increases,Increases

c)

Decreases, Increases

d)

Decreases, Decreases

60.

The Law of Demand says as price ___________ demand___________.

a)

Increaseses, Increases

b)

Decreases, Decreases

c)

Decreases, Increases

d)

Increases, Decreases

61.

Items that have supplies that are increased with difficulty are_____________

a)

Elastic

b)

Inelastic

62.

Refer to Table 2. If the price is $8.00

a)

A surplus of 30 units would exist and price would tend to drop

b)

A shortage of 60 units would exist and price would tend to rise

c)

A shortage of 30 units would exist and price would tend to rise

d)

A surplus of 60 units would exist and price would tend to drop

63.

Which of the following graphs shows the demand and supply curves for Table 3?

a)
b)
64.

Which of the following describes the relative elasticity in demand for toothpaste?

a)

Demand is inelastic because it is a luxury item

b)

Demand is elastic because there are no substitutes

c)

Demand is inelastic because it makes up a large share of most people’s budget

d)

Demand is inelastic because it is a low-cost necessity

65.

When the quantity demanded for a product is less than the quantity supplied, the market

a)

has prices that are too low

b)

is in equilibrium

c)

has a surplus

d)

is controlled by a monopoly

66.

Who is responsible for making fiscal policy decision? 

a)
The President and Congress
b)
The Federal Reserve System
c)
The National Council of Economic Advisors
d)

The Department of Commerce

67.

The federal government's overall approach to spending and taxes is called

a)

Physical Policy

b)

Fiscal Policy

c)

The Federal Reserve

d)

Monetary Policy

68.

Which of the following would stimulate the economy?

a)

Decrease taxes

b)

Raise taxes

c)

Government spends more on Science research

d)

Government cuts organizations like the National Science Foundation

69.

The headline below indicates which type of policy:

"Fed unleashes another big rate hike in bid to curb inflation"

a)

Fiscal policy

b)

Monetary policy

70.

Monetary policy decisions are made by:

a)

Congress

b)

Senate

c)

The Fed

d)

President

71.

Taxing and Spending are tools of

a)

fiscal policy

b)

monetary policy

72.

Is a joint effort between the executive and legislative branches

a)

fiscal policy

b)

monetary policy

73.

In order to help the economy grow, the government will decrease or lower taxes. This allows people to have more money and buy more goods and services.

a)

fiscal policy

b)

monetary policy

74.

What can the government do to slow the economy in order to reduce inflation?

a)

lower taxes

b)

raise taxes

c)

spend more

75.

To help the economy grow, the government can

a)

increase spending

b)

decrease spending

c)

lower the minimum wage

d)

raise taxes

76.

The action by the FED to adjust the size of the money supply, and to adjust interest rates in order to keep prices down and employment high.

a)

fiscal policy

b)

monetary policy

77.

In order to help the economy grow, the FED may____________the reserve requirement, allowing banks to loan more people money so that they spend more

a)

lower

b)

raise

c)

spend more

d)

save more

78.

In order to slow the economy, the FED may____________ the reserve requirements and there will be less money to loan out to people.

a)

increase

b)

decrease

c)

spend more

d)

tax more

79.

The amount that all banks have to keep in the reserve and they can't loan out to people

a)

monetary lending

b)

fiscal spending

c)

reserve requirement

d)

lending policy

80.

The interest rate the FED charges banks to borrow money will be lowered to help the economy grow and raised to slow the economy

a)

reserve requirement

b)

discount rate

c)

bank rate

d)

monetary bank

81.
The manipulation of the money supply in order to influence the cost and the availability of credit is 
a)
Banking Policy
b)
Fiscal Policy
c)
Monetary Policy
d)
Spending Policy
82.
If the Federal Reserve System wanted to stimulate the U.S. economy and reduce unemployment, it would
a)
A. cause interest rates to decrease because low interest rates encourage businessgrowth and expansion
b)
B. cause interest rates to rise because high interest rates encourage business growthand expansion
c)
C. increase the discount rate it charges banks, which would increase the money supply
d)
D. increase consumer spending by reducing the money supply
83.
Which of the following is not a tool of fiscal policy?
a)
Taxing
b)
Spending
c)
Interest Rates
d)
All of these options are tools of fiscal policy.
84.
When the government raises taxes, what does it take out of circulation?
a)
Money
b)
Credit
c)
People
d)
Jobs
85.
True or False-- the Federal Reserve helps with fiscal policy
a)
True
b)
False
86.

How many phases make up the business cycle?

a)

2

b)

4

c)

6

d)

8

87.

Macroeconomics approaches the study of economics from the viewpoints of

a)

individual firms

b)

individual consumers

c)

government units

d)

the entire economy

88.

GDP is the process of declining during a(an)

a)

peak

b)

contraction

c)

expansion

d)

trough

89.

If a news headline says, "Finally!!! 2 straight months of increased jobs."

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction

c)

Trough

d)

Expansion

90.

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction

c)

Trough

d)

Expansion

91.

Which of the following is an expansion, or recovery?

a)

A

b)

B

c)

C

d)

D

92.

If GDP falls for at least two quarters, it is considered what stage of the business cycle?

a)

Expansion

b)

Recession

c)

Prosperity

d)

Recovery

93.

At what point in the business cycle is GDP the highest?

a)

Peak

b)

Expansion

c)

Recovery

d)

Trough

94.

This is the term for the total amount of all goods and services in the economy that households, businesses, and government will buy at each level of prices?

a)

Aggregate Equilibrium

b)

Aggregate Demand

c)

Aggravated Surplus

d)

Aggregate Supply

95.

In which direction will both aggregate demand and aggregate supply curves shift if there is an increase respectively?

a)

Left

b)

Right

96.

What is a salary?

a)

getting paid hourly depending on how much you work

b)

getting paid the same amount throughout 1 year's worth of time

97.

How does a teacher get paid?

a)

Salary

b)

Wage

98.

Gross domestic product is the total ____ produced within a country in a given time period.

a)

market value of all final and intermediate goods and services

b)

market value of all final and intermediate goods and services plus investment and depreciation

c)

amount of final and intermediate goods and services

d)

market value of all final goods and services

99.
High levels of GDP per capita indicate...
a)
Higher levels of happiness 
b)
Higher standard of living
c)
Equal levels of wealth 
d)
Self-sufficient communities
100.
What does Per Capita Mean?
a)
Per Household
b)
Per Object
c)
Per Worker
d)
Per Person
101.

GDP per capita is found by dividing a country's GDP by it's

a)

population.

b)

average birth rates.

c)

number of households.

102.

People in countries with a high GDP per capita might live longer because they can afford the the things they need to survive, like food and water.

a)

True

b)

False

103.

Countries with a higher GDP per capita usually have more people who know how to read and write because there may be more money for schools and education.

a)

True

b)

False

104.

What type of GDP shows the AVERAGE level of wealth in a country per resident?

a)
Nominal GDP
b)
Real GDP
c)
GDP per capita
105.

What type of GDP is calculated with the current year's prices and does NOT change because of inflation?

a)
Nominal GDP
b)
Real GDP
c)
GDP per capita
106.

a measure of how well people live, based on their wealth and how much "stuff" people have

a)

standard of living

b)

quality of life

c)

income inequality

107.

Which of the following is true of real GDP? 

a)

It is adjusted for changes in prices; like inflation

b)

It is always equal to the nominal GDP

108.

Unemployment is defined as  

a)

the percentage of people in the population who do not have a job

b)

the percentage of people in the labour force who do not have a job

c)

the percentage of people in the population who do not have a job and are actively looking for one

d)

the percentage of people in the labour force who do not have a job and are actively looking for one

109.
Which of the following is not a basic need? 
a)
Pool
b)
Roof
c)
Bathroom
d)
Kitchen
110.
A policy that covers a renters personal property against loss by theft, fire, or other hazards. 
a)
Security Deposit
b)
Equity 
c)
Renter's Insurance
d)
Principal
111.
Fee that covers the cost of any future damage the renter might cause to the unit. 
a)
Material Resources
b)
Renter's Insurance
c)
Security Deposit
d)
Interest
112.
The original amount of a loan
a)
Equity
b)
Interest
c)
Principal
d)
Security Deposit
113.
The fee the lending institution charges the buyer to borrow the money. 
a)
Principal
b)
Earnest Money
c)
Closing Costs
d)
Interest
114.
The difference between the market value of a property and the principal owed on the mortgage. 
a)
Principal
b)
Interest
c)
Renter's Insurance
d)
Equity
115.
A partial payment of cash, at the time of purchase. Usually between 5% and 25% or more of the purchase price. 
a)
Down Payment
b)
Equity
c)
Closing Costs
d)
Interest
116.
A _____________ is one building that contains two separate living units. The units may be attached side by side. 
a)
Duplex
b)
Efficiency apartment
c)
High-Rise apartment
d)
Triplex
117.
Mortgages are generally for ____ to ______ years. 
a)
5-10
b)
10-20
c)
15-30
d)
15-20
118.
An advantage of a new home is __________. 
a)
Clean
b)
Unique
c)
Character
d)
More space for your $
119.

Wants

a)

Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

b)

Expenses that equal all the fixed and variable expenses added together

c)

Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

d)

Income from all possible sources

120.

Budget

a)

Anything that you might incur an expense for

b)

Is a spending plan for managing your money that includes income and expenses

c)

All expenses deducted from income before net pay can result.

d)

Income after all deductions have been paid.

121.

Total monthly income

a)

Income from only one source

b)

Total income of your parents and siblings added to your income.

c)

Income from all possible sources.

d)

A spending plan of expenses

122.

Needs

a)

Necessary items that are paid monthly./yearly such as food, housing, transportation, utilities, & Insurance

b)

Things you would like to have but are not necessary for life.

c)

Income from all sources that are spent for necessary items

d)

Anything that you might incur an expense for.

123.

Total Expenses

a)

Is a spending lan for managing your money that includes income and expenses.

b)

All expenses deducted from income before net pay can result

c)

Expenses tat remain the same month after month such as mortgages, rent, car payments & insurances

d)

Expenses that equal all the fixed expenses and variable expenses

124.

Pay Stub

a)

Expenses that increase/decrease monthly or yearly EX: TV provider, internet, food, entertainment, utilities

b)

Hard or electronic copy of earnings that show all deductions and results in net pay

c)

Federal or State tax on your gross income

d)

Income left over after paying all expenses for the month or year.

125.

Fixed expenses

a)

Is a spending plan for managing your money

b)

Income from all possible sources

c)

Expenses that equal all the fixed & variable expenses.

d)

Expenses that remain the ssame month after month EX: mortgages, rent, car payments insurances

126.

Variable expenses

a)

Necessary things or items that are paid monthly

b)

Expenses that increase/decrease monthly/yearly EX: Utilities, food, entertainment, internet, TV provider

c)

Is a spending plan for managing your money that includes income and expenses.

d)

Expenses that remain the same over a period of time.

127.

Deductions

a)

Hard or electronic copy of earnings

b)

Anything that you might incur an expense for

c)

All expenses deducted from gross pay that results in net pay.

d)

Federal or state tax paid after net pay is received

128.

Income tax

a)

Federal, state, and local taxes taken out as deductions from a person or business revenue source

b)

An occupation that allows for advancement opportunities

c)

Anything you might incur an expense for.

d)

Income after tax

129.

Gross Income

a)

Hard copy of revenue

b)

Income from all sources before deductions such as retirement, health insurance, federal, state, and local taxes, etc

c)

all expenses for the month

d)

income left over after taxes

130.

Net pay

a)

Revenue before deductions

b)

State and local taxes

c)

Income after all deductions have been paid

d)

I don't know i just want pizza and wings

131.

Which is MORE important to budget for- needs or wants?

a)

needs

b)

wants

132.

Emma makes $300 each paycheck and is paid twice a month. Can she afford to pay for an apartment that charges $700 rent?

a)

yes

b)

no

133.

David pays $500 a month in rent, $200 for groceries, and $300 for his car payment. How much are his expenses?

a)

$1,010

b)

$900

c)

$1,100

d)

$1,000

134.

You want to be spending ____ than what you are making.

a)

more

b)

less

135.

If you earn $900 a month and spend $500 on rent, $200 on groceries, and $75 on utilities, do you have enough money to pay $50 a month for TV?

a)

yes

b)

no

136.

Sam earns $1,000 a month and pays $600 in rent, $300 on groceries, $250 for his car, and $30 for streaming subscriptions. Is this a smart budget?

a)

yes

b)

no

137.

Which of the following is a benefit of using a budget?

a)

Helps to keep track of the money you receive

b)

Helps to prioritize your spending

c)

Helps reach short- and long-term financial goals

d)

All of the above

138.

Which of the following should NOT be considered when setting a current budget?

a)

Your financial goals

b)

Needs and wants

c)

Savings

d)

Future income

139.

___________ are good places to look to find your current expenses when building your budget.

a)

Banks and credit unions

b)

Grocery stores and concerts

c)

Bank and credit statements

d)

Online research websites

140.

Bank statements, credit statements, and records of cash expenses help you to estimate your ________.

a)

emergency fund needs

b)

credit score

c)

expenses

d)

available investments

141.

Which of the following is NOT a good way to track your spending?

a)

In your head

b)

Notebook and pencil

c)

Envelope Method

d)

Online software of app

142.

Which of the following is NOT true about emergency funds?

a)

They are used for anything listed on the budget.

b)

They can keep you from borrowing money from friends and family.

c)

They help you prepare for unexpected expenses.

d)

They help remove the worry about expenses not in the budget.

143.

Unexpected expenses…

a)

can make it hard to stick to your budget.

b)

may cause you to be unable to pay necessary bills.

c)

should be planned for.

d)

all of the above.

144.

Which of the following expenses would be a good reason to spend money from an emergency fund?

a)

Repair your laptop that you use for homework.

b)

Upgrade your phone to the latest model.

c)

Buy new track shoes because they’re in style.

d)

Purchase concert tickets to see your favorite artist.

145.

How can you ensure you don't go over your budget?

a)

Round up your expense estimates to add a buffer

b)

Use most of your budget for entertainment expenses

c)

Find a friend that enjoys going shopping

d)

Buy all of your wants at one time.

146.

a plan for how you spend your money

a)

budget

b)

discretionary expense

c)

commission

d)

gross income

147.

this type of expense stays the same each month

a)

fixed income

b)

variable expense

c)

discretionary expense

d)

fixed expense

148.

What is the best way to describe a Zero-Based Budget?

a)

Run your bank account down to zero

b)

Not having a budget

c)

A cash flow plan that assigns an expense to every dollar of your income

d)

Having more expenses than you have income

149.

Generally, the more education you receive, the higher your lifetime earnings will be.

a)

True

b)

False

150.

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.

a)

Gross pay

b)

Year-to-date pay

c)

Net pay

d)

Total pay

151.

Which of the following is a possible tax or deduction that they may show up on your paycheck?

a)

Federal income tax

b)

Contributions to retirement savings

c)

FICA

d)

All of these

152.

The W-4 tax form is used to ___________.

a)

file your tax return.

b)

determine how much your gross pay should be.

c)

tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.

d)

avoid paying income taxes on your paychecks.

153.

Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.

a)

W-9

b)

W-4

c)

W-2

d)

1040

154.

What do taxes pay for?

a)

Operation of financial institutions

b)

Schools, government departments, roads, and emergency services

c)

Privately-owned businesses

d)

None of the above

155.

The gig economy offers ________.

a)

The migration of workers to high-tech jobs.

b)

The total availability of employment and labor in the economy.

c)

Flexible, short-term, and independent jobs.

d)

An economic system in which assets or services are shared between individuals.

156.

Which of the following would you need in order to fill out your 1040?

a)

Your credit card statement

b)

Your job offer

c)

Your W-2

d)

Your employer benefits documentation

157.

When considering a job offer, you should consider how much you're being paid and any other employee benefits before you accept the offer.

a)

TRUE

b)

FALSE

158.

Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.

a)

benefits

b)

pensions

c)

allowances

d)

deductions

159.

The definition of gross pay is:

a)

The lowest pay rate allowed under state or federal law.

b)

A directive for the government on how much to deduct from your pay for taxes.

c)

When your paycheck is automatically deposited into the bank on a scheduled payday.

d)

Total pay - the number of hours worked x hourly wage.

160.

What is Form W-4 Employee's Withholding Allowance Certificate?

a)

The lowest pay rate allowed under state or federal law.

b)

A directive for the government on how much to deduct from your pay for taxes.

c)

When your paycheck is automatically deposited into the bank on a scheduled payday.

d)

Total pay - the number of hours worked x hourly wage.

161.
Earnings paid to an employee based on an hourly rate. 
a)
Commission
b)
Wages
c)
Salary
d)
Deductions
162.
Earnings of a salesperson based on the percentage of goods or services sold.
a)
Salary
b)
Wages
c)
Commission
d)
Deductions
163.
An employee's fixed agreed yearly income. 
a)
Salary
b)
Deductions
c)
Wages
d)
Commission
164.
Total money you earn before taxes and other deductions.
a)
Salary
b)
Net income
c)
Gross income
d)
Wages
165.
Amounts of money taken from income before you are paid.
a)
Commission
b)
Retainer
c)
Deductions
d)
Rate
166.
The amount of money you actually receive after the deductions are taken from your gross income.
a)
Net income
b)
Deductions
c)
Wages
d)
Tax
167.
This is paid to the Government once a person's income passes a set amount. 
a)
Fees
b)
Wages
c)
Tax
d)
Salary
168.
A word to describe yearly.
a)
annual
b)
monthly
c)
half-yearly
d)
fornightly
169.

Alexis worked 24 hours last week. At a rate of $12 per hour, what was Alexis' gross pay?

a)

$36

b)

$144

c)

$288

d)

$312

170.

Gross income minus deductions equals your net income.

If Amorelle made $384 in gross income and her deductions are $122, what is her net income?

a)

$506

b)

$406

c)

$262

d)

$266

171.

David's gross income: $127.25

David's deductions: $25.20

David's net pay: ?

a)

$102.05

b)

$102.45

c)

$112.05

d)

$152.45

172.

Dayanara's gross income was $550. What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?

a)

$132.50

b)

$417.50

c)

$440.00

d)

$638.50

173.
take home pay
a)
net loss
b)
net pay
c)
gross loss
d)
gross pay
174.

Used for verifying the identity and employment authorization of individuals hired for employment in the United States.

a)

W-2

b)

w-4

c)

I-9

d)

Resume

175.

(Otherwise known as the "Employee's Withholding Allowance Certificate") is an Internal Revenue Service (IRS) tax form completed by an employee to indicate the taxes they want withheld from their pay.

a)

W-2

b)

W-4

c)

I-9

d)

Resume

176.

The form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year.

a)

W-2

b)

W-4

c)

I-9

d)

Resume

177.

By law an employer must pay for a portion of _______.

a)

a. childcare

b)

b. Social Security

c)

c. fitness programs

d)

d. legal assistance

178.

A W-4 is filled out for an employer to determine your _______.

a)

a. Taxes paid

b)

b. Total deductions

c)

c. Tax withholding

d)

d. Total earnings

179.

The Internal Revenue Service:

a)

a. enforces the federal securities laws

b)

b. eliminates and prevents anticompetitive business practices

c)

c. issues guidelines for worker safety

d)

d. administers and enforces federal tax l

180.

Employers may offer all of the following types of insurance as an employee benefit EXCEPT:

a)

a. health insurance

b)

b. car insurance

c)

c. life insurance

d)

d. dental insurance

181.

Which of these is a progressive tax?

a)

airport tax

b)

income tax

c)

property tax

d)

sales tax

182.
a tax system with a constant marginal rate, usually applied to individual or corporate income. 
a)
regressive
b)
progressive
c)
income
d)
flat
183.
A _________ tax, also referred to as a flat tax, impacts low-, middle- and high-income earners relatively equally. 
a)
regressive
b)
proportional
c)
income
184.
Federal Income tax is a _______tax
a)
proportional
b)
flat
c)
regressive
d)
progressive
185.

Which of the following is a possible tax or deduction that they may show up on your paycheck?

a)

Federal income tax

b)

Contributions to retirement savings

c)

FICA

d)

All of the above

186.

Your employer sends you a _______ form that tells you how much you've made and how much you've paid in

taxes in the last year.

a)

1040

b)

W-2

c)

W-4

d)

W-9

187.

What do you need in order to fill out your 1040?

a)

Your W-2

b)

Your routing and bank account number

c)

A record of any other supplemental income

d)

All of the above

188.

What do you NOT need in order to fill out your 1040?

a)

Your W-2

b)

Your routing and bank account number

c)

A record of any other supplemental income

d)

Your employer benefits documentation

189.

Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all

types of _________ available from your employer.

a)

benefits

b)

pensions

c)

deductions

d)

allowances

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SO- Forensics

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SO- Forensics

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11th - 12th Grade