WorksheetsJA Taxation and Financial Literacy Quiz
Total questions: 15
Worksheet time: 8mins
Your abilities include
The things you do well
Your mental competence
The skill you need to do something
All of the above
Career planning is done
After high school
In college
Throughout a lifetime
Once in a lifetime
Who pays taxes?
Most people who have a job
Most people who purchase items
Most people who own property
All of the above
What are the three main types of taxes?
Income, sales, and property
Unemployment, sales, and property
Federal income, unemployment, and state
Sales, property, and unemployment
What is Social Security?
A private insurance system just for the elderly
A free insurance system
The amount of money someone has
Insurance
that
benefits retired, sick,
or disabled
Americans
The purpose of taxes is to
Improve roads
Support government
Pay retirement benefits
All of the above
Who pays into Social Security?
Employees
Self-employed
Employers
All of the above
Federal, Social Security, and Medicare are all types of taxes.
True
False
The total amount of earnings made over a one-year period after all deductions have been taken is known as
Gross annual income
Gross monthly income
Net annual income
Net monthly income
The total amount of earnings made over a month, before any deductions, is known as
Gross annual income
Gross monthly income
Net annual income
Net monthly income
Tina will be working at the municipal swimming pool as a lifeguard this summer. She will earn $1,000 per month (a total of $3,000 for the whole summer). Tina does not plan to work any other jobs this year.
What is Tina’s gross annual income (GAI)? $
$2,000
$500
$200
Tina’s total paycheck deductions are listed. Add these amounts together to determine her total paycheck deductions.
• $255.90 federal income tax (summer total)
• $114.00 state income tax (summer total)
• $186.00 Social Security, or FICA (summer total)
• $43.50 Medicare tax (summer total)
$255.90
$699.40
$186.00
Tina will be working at the municipal swimming pool as a lifeguard this summer. She will earn $1,000 per month (a total of $3,000 for the whole summer). What is Tina’s gross monthly income for each of the summer months (GMI)? $
$3,000
$2,000
$500
Tina will be working at the municipal swimming pool as a lifeguard this summer. She will earn $1,000 per month. Tina’s total monthly paycheck deductions are $199.80. What is Tina’s net monthly income (NMI)? $
$599.40
$200
$700.20
Your interests are what motivates you, what are you truly passionate about and your strong social skills.
True
False
