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WorksheetsCareers and Taxes Dave Ramsey Ch. 10 Quiz
Total questions: 45
Worksheet time: 26mins
What are some potential consequences of not paying taxes on time?
Free money, no consequences
Early retirement, no consequences
A pat on the back, no consequences
Penalties, interest, and legal action
What are some common deductions that can be claimed on a tax return?
Mortgage interest, charitable contributions, medical expenses, and certain business expenses
Vacation expenses
Grocery expenses
Entertainment expenses
What are some key factors to consider when choosing a career path?
Favorite color, lucky number, and zodiac sign
Personal interests, skills, values, job market demand, potential for growth, and work-life balance
The number of stars in the sky, the color of the grass, and the taste of chocolate
The weather, the price of tea in China, and the length of a giraffe's neck
What is the purpose of Form W-2?
To track employee benefits
To report wages, tips, and other compensation paid to employees as well as taxes withheld from their paychecks.
To report employee attendance
To report employee expenses
What is the purpose of filing a tax return?
To learn how to cook a new recipe
To plan a vacation
To find a new job
To report income, claim deductions and credits, and calculate the amount of tax owed or refund due.
The deadline for filing your federal tax return each year is ________.
December 25
July 4
January 1
April 15
What is income tax?
A tax imposed on individuals or entities that varies with their respective income or profits. The more you make, the more they take.
A tax imposed on healthcare expenses
A tax imposed on goods and services
A tax imposed on property ownership
What are tax deductions?
Expenses that increase taxable income
Expenses that can be subtracted from taxable income
Payments made to the government
Additional income that is not taxable
Which form is used to file income tax?
Form 1040
Form 1099
Form 1065
Form W-2
The purpose of a resume' is to
Get you an interview
Get you a job
Impress your friends
Federal income taxes, state income taxes, and Social Security withholdings are all ________.
payroll taxes
real estate taxes
capital taxes
sales taxes
Always keep your filed taxes for at least three years in case the IRS decides to ______ your tax return.
ratify
Reject
Audit
You would use a 1040 to ________.
pay sales taxes
receive an estimated tax payment
file a tax return
Which of the following is the best way to start the process of finding a career path that you will find satisfying?
listing your interests and activities you enjoy
choosing a career in a growing field
deciding what level of education you want to pursue
Employee Withholding Certificate that is filled out when you are first hired so your employer can withhold taxes from your paycheck.
W-2
1099
W-4
Explain the difference between gross income and net income.
Gross income is the total income after any deductions, while net income is the income before any deductions
Gross income is the total income before any deductions, while net income is the income after deductions such as taxes and other expenses.
Gross income is the income after taxes, while net income is the income before any deductions
Gross income is the income after deductions, while net income is the total income before any deductions
This is a contract that outlines coverage plans and protects a person against financial loss or damage.
tax deduction
an insurance policy
resume
contract
The total amount of earnings made over a month, after all deductions have been taken out is known as this.
social security
taxes
net income
gross monthly income
Name the 3 main sources of tax revenue for the government.
incomes, sales and property taxes
phone, cable, electric
car, mortgage, grocery
Larry, Curly, Moe
Name three common long-term investment types.
checks, cash, crypto
stocks, mutual funds, bonds, certificates of deposit (cds)
savings, checking, money market accounts
life insurance, health insurance, car insurance
The total amount of earnings made over a one-year period before any deductions is known as this
gross annual income
monthly net income
hourly wage
minimum wage
Explain what PYF stands for and what it means.
pay yourself first
profits yearly financed
pretty young female
plan your future
Three things that should be considered when choosing a career.
abilities, interests, and values
pay, sick days, lunch break time
retirement benefits, staff, who your boss is
location, salary, time off
This is a simple way to estimate how savings can grow over time and with a predetermined interest rate.
The rule of 27
The golden rule
The rule of thumb
The rule of 72
This is money received, including wages or gifts.
celery
taxes
social security
income
A social insurance system that provides benefits to most Americans who are retired, sick or too disable to work, and to families of workers who have died.
social worker
life insurance
social security
welfare
According to the Bureau of Labor Statistics, this degree level most often results in the highest pay and lowest unemployment.
Associate's Degree
Bachelor Degree
Advanced or Master's Degree
Diploma
Money paid to an employee for work done, usually given biweekly based on an annual rate.
Salary
stipend
bonus
minimum wage
What does FICA stand for?
Ford Industrial Car Automotive
Federal Income Cash Act
For Insurance Cases in America
Federal Insurance Contributions Act (Social Security)
Contributions to this type of IRA are not tax deductible but potential earnings are tax free if withdrawn after age 59 1/2 and the account is at least 5 years old.
401K
Roth IRA
Traditional IRA
Charity
This is the primary reason people purchase insurance.
protect against risk
to get a lot of money later
so they can get new stuff (cars or homes, or stuff)
to save money
How long does it take for the interviewer to determine whether you are a good match for the company?
5 minutes
1 Week
30 minutes
1 hour
What is a good answer to the question: "Tell me about yourself?"
I am 5'9" and 150 pounds with straight teeth. I love Netflix and my 2 dogs.
Um. What do you want to know
I am a student and my favorite subject is English. I am active and I participate in sports after school and I participate in community service projects.
I am a student and my grades aren't good. I don't do much outside of school and I am not interested in anything.
Choose the best answer for this question
“What is your greatest strength?”
My beauty.
I am a skilled salesman with over ten years of experience.
I known every secret in my previous company.
I can eat as much as you think.
During an interview, make sure you do this with each person in the room:
make eye contact
ask each person a different question
tell a joke
give a soft handshake
A face-to-face meeting between the employer and the applicant
lunch date
interview
resume
employment
Which of the following should NOT be included in the EMPLOYMENT section of a resume?
previous employers
time spent with each business
duties performed
hobbies
Mr. Jones puts his $10,000 into an investment which pays him an 8% annual return. Using the rule of 72, when can he expect to double his money?
12 years
8 months
20 years
9 years
