WorksheetsAdulting 10.1 Quizzez
Total questions: 10
Worksheet time: 5mins
What are taxes?
a mandatory charge by local, state, and national governments from individuals or businesses to cover the costs of general government services.
money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
An award of financial assistance from a federal agency to a recipient to carry out a public purpose of support
A form of debt incurred by an individual or other entity.
Why are taxes important?
Provide revenue for federal, local, and state governments to fund essential services
To benefit private owned industries
To benefit the poor and directly pay them
Provide money for the government officials to spend on whatever they'd like.
What is Gross Income?
The amount of that which one's income increases upon promotion.
The income that is lost to taxes
The total amount of money you can earn.
The maximum amount of money you can make at your job.
What is net income?
The same thing as your net worth
The amount of money one gets to keep after taxes and other expenses
The amount of money one has before taxes and other expenses
The amount of tax that is taken off your salary
What is net-income also called?
Take-Home pay
Grant
Withholdings
Desired pay
How often should you file income tax?
Once a week
Once a month
Once every 6 months
Once a year
What are withholdings?
a one-year period that governments or companies use for financial reporting
the portion of an employee’s pay held back to cover taxes and other deductions
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
the total amount of debt a country owes to companies and other countries as a result of deficit spending
What is a Fiscal Year?
The year with no taxes for certain income group.
a one-year period that private companies take a portion of your tax
The period in a year which one must file taxes.
a one-year period that governments or companies use for financial reporting
What is a deficit spending?
The amount of money that is not fully paid by company
The amount spent for taxes
spending more than you earn; an economic policy in which the government spends public funds raised by borrowing rather than by taxation
The amount you lack to purchase a certain item.
What is national Debt
the total amount of debt a country owes to companies and other countries as a result of deficit spending
The amount of money you owe for the country
The total amount of the debt that the whole nation owes to the US
The amount of taxes yet to be payed.
