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Worksheets4-2 Understanding Taxes Quiz Business U
Total questions: 18
Worksheet time: 10mins
Fill in the blank: _______ is a federal program that provides temporary financial assistance to unemployed workers who lose their jobs through no fault of their own.
Federal Unemployment Tax Act (FUTA)
Social Security
Medicare
Supplemental Nutrition Assistance Program (SNAP)
Fill in the blank: _______ is a tax imposed on the income generated by an individual or business.
Income Tax
Sales Tax
Property Tax
Value Added Tax
Fill in the blank: _______ is a tax that funds health insurance for citizens 65 years of age and older.
Medicare Tax
Social Security Tax
Income Tax
Sales Tax
Fill in the blank: _______ is a tax system where the tax rate increases as the taxpayer's income increases.
Progressive Tax System
Regressive Tax System
Flat Tax System
Proportional Tax System
Fill in the blank: _______ is a tax imposed on real estate or other forms of property.
Property Tax
Income Tax
Sales Tax
Value Added Tax
Fill in the blank: _______ is a consumption tax paid by the end consumer of goods and services.
Sales Tax
Income Tax
Property Tax
Capital Gains Tax
Fill in the blank: _______ is a tax that funds financial assistance for retirement, disability, and survivors.
Social Security Tax
Income Tax
Sales Tax
Property Tax
Fill in the blank: _______ is a state program that provides temporary financial assistance to unemployed workers who lose their jobs through no fault of their own.
State Unemployment Tax Act (SUTA)
Temporary Assistance for Needy Families (TANF)
Workers' Compensation
Social Security Disability Insurance (SSDI)
Fill in the blank: _______ is the amount of money that is owed by a person or organization to a taxing authority.
Tax Liability
Tax Refund
Tax Credit
Tax Deduction
Fill in the blank: _______ are mandatory payments made by individuals and businesses to governments.
Taxes
Donations
Loans
Investments
During your working years, social security tax takes a percentage of your earnings. Then when you retire or are disabled
your social security tax is used to pay medical costs.
you become eligible to receive monthly payments.
you lose your benefits.
you can leave your Social Security benefits to your loved ones when you die.
Which of the following best defines unemployment?
The state of being able to work and actively seeking work, but unable to find employment
The state of being able to work, but choosing not to
The percentage of the labour force that is able and actively seeking work, but cannot find employment
The total number of people who do not work
Sales tax is the tax you pay
when you buy something.
when you sell something.
when you barter.
when you give something as a gift.
This tax helps fund the basic retirement program run by the federal government.
Social Security Tax
Property Tax
Medicare Tax
Sales Tax
Fill in the blank: _______ is a tax levied on the profit from the sale of property or an investment.
Capital Gains Tax
Income Tax
Property Tax
Sales Tax
Fill in the blank: _______ is a tax system where everyone pays the same percentage of their income, regardless of how much they earn.
Flat Tax System
Progressive Tax System
Regressive Tax System
Proportional Tax System
Fill in the blank: _______ is a tax levied by local governments on the value of a property.
Property Tax
Capital Gains Tax
Income Tax
Sales Tax
Which of the following factors can influence the amount of property tax you pay?
The assessed value of the property
The location of the property
All of the above
The size of the property
