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WorksheetsEconomics Test: Education, Income, and College
Total questions: 11
Worksheet time: 6mins
Name
Class
Date
1.
What are human needs in order to live and function?
a)
Food, Water, Shelter, Clothing, Sleep
b)
Money, Status, Technology
c)
Entertainment, Luxury Goods, Social Media
d)
Emotional Support, Physical Activity, High-income Jobs
2.
Statistically, the more _________________________ you have the more
______________________ you will make over your career.
a)
education, money
b)
Experience, success
c)
Skills, satisfaction
d)
Networking, opportunities
3.
Which of the following is most important when deciding on a career?
a)
Potential for good salary
b)
amount of vacation time given
c)
medical insurance offered
d)
All of the Above
4.
Who is responsible for paying taxes?
a)
Only businesses
b)
Only government employees
c)
All individuals and businesses earning income
d)
Only people who own property
5.
What do you think the government buys with our tax money?
a)
Luxury items and entertainment
b)
Public services like education, healthcare, and infrastructure
c)
Personal gifts for government officials
d)
Investment in private businesses
6.
What affects how much taxes we pay?
a)
The number of people in our family
b)
Our income level, filing status, and deductions
c)
The color of our car
d)
The amount of time we spend on vacation
7.
What is a flat tax?
a)
A tax that is the same percentage for everyone, regardless of income
b)
A tax that increases as income increases
c)
A tax based only on property values
d)
A tax that is only paid by businesses
8.
What is a progressive income tax system?
a)
A tax system where everyone pays the same percentage, regardless of income
b)
A tax system where the tax rate decreases as income increases
c)
A tax system where the tax rate increases as income increases
d)
A tax system where only businesses are taxed at different rates
9.
What is net pay and how does it differ from gross pay?
a)
Net pay is the total amount earned before any deductions, while gross pay is what you take home after taxes
b)
Net pay is the total amount earned after deductions like taxes and benefits, while gross pay is the total before any deductions.
c)
Net pay is the same as gross pay; there is no difference
d)
Net pay includes bonuses and gross pay does not.
10.
What is a W-2 form?
a)
A form used to report the amount of income tax withheld from an employee's paycheck
b)
A form that employees fill out to apply for a job
c)
A form used to calculate self-employment taxes
d)
A form that tracks a person's total income from investment
11.
What is a 1040 form used for?
a)
To report the amount of taxes withheld from your paycheck
b)
To apply for a job with the IRS
c)
To file your annual federal income tax return
d)
To report business expenses for self-employed individuals
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