WorksheetsPBMF: Ch 18 Quiz
Total questions: 24
Worksheet time: 16mins
The difference between a trade-off and an opportunity cost is:
A trade-off involves a choice between two or more options, while opportunity cost is the value of the next best alternative foregone.
A trade-off is the cost of an opportunity, while opportunity cost is the benefit of a trade-off.
A trade-off is always monetary, while opportunity cost is always non-monetary.
There is no difference; they are the same concept.
If you work 20 hours at $15 per hour, what's your gross pay?
$200
$250
$300
$350
What percentage do self-employed individuals pay in total FICA taxes?
12.4%
15.3%
7.65%
10.2%
Match each word or phrase with the correct description.
These remain the same each period
Fixed Expenses
These vary from month to month
Variable Expenses
income received from employment
Earned Income
Organize these options into the right categories
rent
car payment
Income tax is a tax levied on:
Goods and services
Property
Income of individuals and businesses
Imports and exports
The organization that manages federal income taxes is:
Federal Reserve
Internal Revenue Service
Department of Treasury
Social Security Administration
A tax return is:
a document containing the information used to calculate taxes owed
a mandatory payment to the government.
a type of investment account.
a financial statement issued by banks.
What is gross income?
The total revenue before expenses are deducted
The net profit after all expenses
The amount of tax paid
The total expenses incurred
What is taxable income?
Income that is subject to tax by the government.
Income that is exempt from all taxes.
Income that is only taxed at the state level.
Income that is only taxed at the federal level.
A refund in terms of taxes is:
A payment made to the government
A payment received from the government
A penalty for late tax filing
An additional tax charge
An audit in the context of taxes is:
a review of financial statements to ensure accuracy and compliance with tax laws.
a process of creating financial statements for a company.
a method of calculating tax refunds for individuals.
a way to evade taxes legally.
Which of the following is considered earned income?
Wages and salary
Interest from savings
Investment earnings
Social Security benefits
The purpose of Form W-2 is to:
report an employee's annual wages and the amount of taxes withheld from their paycheck.
apply for a new job.
file a complaint against an employer.
register for health insurance.
Which of the following is a type of itemized deduction?
Standard deduction
Home loan interest
Filing status
Personal exemption
What is the deadline for filing taxes each year?
April 15th
January 1st
December 31st
July 4th
Which program offers free help for low-income people?
TCE Program
VITA Program
IRS e-filing service
Community centers
One benefit of electronic filing (E-filing) is:
Faster processing of returns
Increased paperwork
Higher costs
Slower refund times
What are some options for professional tax help?
Hiring a tax attorney
Using tax software
Consulting a tax advisor
All of the these
Which of the following is a professional tax help option?
Tax attorneys
Math errors
Missing the deadline
Keep good records all year
Which of the following is a common tax mistake to avoid?
Using reliable tax software
Certified Public Accountants
Incorrect Social Security numbers
Tax preparation guides
What should you do if you need help with tax filing?
Consult a tax professional
Ignore the tax filing
Do it yourself without any help
Wait until the deadline passes
Which of the following is a tip for tax filing?
Forgetting to report all income
Unsigned returns
Save copies of returns
Inaccurate bank information
The IRS assistance hotline is used for:
Filing tax returns
Providing tax-related assistance
Auditing taxpayers
Collecting taxes
