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WorksheetsUnit 2 Key Terms Quiz
Total questions: 11
Worksheet time: 13mins
Which form is used to verify the identity and employment authorization of individuals hired for employment in the United States?
W-4 Tax Form
FAFSA
W-2 Tax Form
I-9 Form
Which of the following is a characteristic of a 'Progressive Tax System'?
A tax rate that applies only to luxury goods
A tax rate that decreases as the taxpayer's income increases
A tax rate that increases as the taxpayer's income increases
A tax rate that remains constant regardless of income
What is the difference between 'Gross Pay' and 'Net Pay'?
Gross Pay is the total earnings before deductions; Net Pay is the amount after deductions
Gross Pay is the amount after deductions; Net Pay is the total earnings before deductions
Gross Pay includes only salary; Net Pay includes salary and bonuses
Gross Pay is the amount after taxes; Net Pay is the amount before taxes
Which type of loan does not require repayment until after graduation and has interest paid by the government while the student is in school?
Subsidized Student Loan
Private Student Loan
Unsubsidized Student Loan
Parent Plus Loan
What is the purpose of the 'W-4 Tax Form'?
To verify employment eligibility
To report earnings and taxes withheld to the IRS
To determine the proper amount to withhold from your paycheck for taxes
To apply for federal student aid
Which of the following is a 'Voluntary Paycheck Deduction'?
Social Security tax
Medicare tax
401K Retirement Plan contribution
Federal income tax
What is the 'Effective Tax Rate'?
The rate in your designated tax bracket
The tax rate that increases as income increases
The actual rate you pay in overall taxes as a percentage of your overall income
The tax rate applied to the the last dollar of taxable income
Which of the following financial aid types below do not need to be repaid? (mark all that apply)
Unsubsidized Student Loan
Scholarships
Private Student Loan
Needs-Based Grants
Upload the image/drawing you have created to represent any of the terms from Unit 2 of your choice, then EXPLAIN how your image or drawing represents the meaning of the chosen word.
** Don't forget to EXPLAIN your image!
Upload the image/drawing you have created to represent any of the terms from Unit 2 of your choice, then EXPLAIN how your image or drawing represents the meaning of the chosen word.
** Don't forget to EXPLAIN your image!
BONUS Question! Is there a term from Unit 2 that you know well that isn't on this quiz? Use this question to write in a word and defintion that you know well. A correct answer here can be used to replace an incorrect answer elsewhere on this quiz. Don't NEED the bonus, just skip it.
