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WorksheetsD.R.P.F. Ch.10 Post-test
Total questions: 23
Worksheet time: 12mins
Withholdings and deductions are
Examples of deficit spending
Expenses that are taken out of your paycheck
Categories of a good budget
Money that the government gives back to you
The tax on the purchase of goods or services is called
Goods and services tax
Income tax
Purchase tax
Consumption tax
The money you earn hourly for your time and effort at work is called your
Income tax
Minimum wage
Salary
Wages
What does the Form W-4 estimate?
How many tax returns you need to submit
How much money you'll spend in that fiscal year.
How much tax you'll owe based on your personal situation.
How much income you should be making.
Every American who earns an income must file a _________ each year.
Federal tax return
Tax extension
Paycheck
Tax deduction
When you make ____ money, you will pay _____ in taxes.
More; the same amount
yes
Less; more
More; more
When you buy clothes or check out at the grocery store, you will pay _____________
Income tax
Excise tax
Sales tax
With your tax credit card
A fixed, annual rate of pay that doesn't change by working more or fewer hours is called ____.
Commission
Passive income
Hourly wages
Salary
When someone says they need to file their taxes, they're talking about filling out a
Tax bracket
Tax liability
Form W-4
Federal tax return
What is the main IRS form that most Americans use to file their taxes?
Form 1099-DIV
Schedule C
Form I-9
Form 1040
Property tax, inheritance tax, estate tax, and gift tax are all examples of __________.
Income tax
Family tax
Paycheck tax
Wealth tax
There are two general types of taxes. Taxes on the money you _________ and taxes on the money you ___________.
Earn; spend
Have; want
Budget; don't budget
Give; save
When you buy specific items like cigarettes, alcohol, airline tickets or gas, you will pay
Excise tax
Tax liability
Sales tax
Income tax
Renting out property or selling content on a blog are examples of ______________.
Portfolio income
Salary
Active income
Passive income
The deadline for filing your income tax return usually falls on (a) .
Which of the following is most likely to need the help of a tax professional?
Salaried workers
Minimum-wage workers
College graduates
Self-employed people
Only a few states have inheritance tax, which . . .
Is a tax on land, homes, and business property that's paid every year
Requires you to pay tax on an asset you receive when someone passes away
Is applied to a gift over $15,000
Is paid if you sell an inherited gift, like a house
Net income is also called your _________.
Gross income
Discretionary spending
Take-home pay
Fiscal year
You can produce ____________ by buying and selling stocks, bonds, mutual funds, and real estate.
Portfolio/investment income
HSAs
Tax deductions
A large income
Wealth taxes are often dependent on _________, so it's a good idea to understand the tax rules ___________.
If you went to trade school; in your particular field of study
Your community; of your neighborhood
Where you live; in your state
Your age; for your generation
Consumption tax pays for things everyone gets to enjoy, like . . .
A thicker wallet
Parks, libraries, and zoos
Health insurance premiums
Private schools
What is the total tax a person or business has to pay called?
Tax liability
Tax day
Income taxes
Tax return
Always keep your filed taxes for at least three years in case the IRS decides to ______ your tax return.
Submit
Reject
Review
Audit
