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Personal Finance Review Game
Test Description: Review Game
Instructions: Answer all questions to get your test result.
1) What is a W-2 form?
A
a form to own a car
B
a form for taxes
C
a form that an employer must send to an employee and IRS
D
a form thats filled out by the employee
2) What is a W-4 form?
A
a form for immigration
B
a form completed by an employee to indicate the tax situation to the employer
C
a form to own a car
D
a form that an employer must send to an employee and IRS
3) What does Withholding allowance mean?
A
exemptions on the tax form employers use to determine how much of an employees pay to subtract from its paycheck to remit
B
allowing someone to do something
C
another word for salary
D
to withhold someone from doing something
4) What is income tax?
A
tax on wages, salaries and self employed earning
B
the highest amount of taxes
C
taxes that come inside
D
taxes that are only paid by rich people
5) What is the 1040 EZ?
A
reports how much money employee receives form working
B
a form that is very easy to fill out
C
an immigration form
D
a tax form that offers an easier and faster way to file taxes
6) How do you become eligible to fill out a 1040a form?
A
make less than $100000
B
itemizing deductions
C
an individual must fulfill certain requirements such as not owning a business and having a taxable income less than $100000
D
owning a business
7) What is a 1040?
A
a record of an individuals paychecks
B
amount a person makes
C
individuals use to file their annual income tax returns
D
a pension plan
8) What does unemployment compensation mean?
A
money thats given to the employees
B
money that substitutes for wages or salary paid to recently unemployed workers under a program
C
to fire someone from their job
D
to hire someone for a new job
9) What is an adjusted gross income?
A
their annual salary
B
the money employee gets to take home
C
employees net pay
D
individuals total gross income minus specific deductions
10) What is a taxable income?
A
only specific people get taxed on
B
taxes that have to do with anything that are indoors
C
to be exempt from paying taxes
D
amount of income thats used to calculate an individuals or companys income tax
11) What is another word for tax exempt income?
A
excused
B
exemption
C
excluded
D
cut out
12) What is a standard tax deduction?
A
amount of money set by IRS thats not taxed
B
amount of money that gets deducted
C
amount of taxes owed
D
specific experse such as medical experse that you deduct from gross pay
13) What is itemized tax deduction?
A
amount of taxes that are deducted
B
amount of money set by IRS thats not taxed
C
amount of money owed
D
specific experse such as a medical experse that you can deduct from gross pay
14) What is tax exemption?
A
amount of taxes that are owed
B
required to pay
C
a deduction from adjusted gross income for the taxpayer, spouse and qualified dependents
D
a form an employee fills out to be exempted from paying taxes
15) What is a tax refund?
A
amount of taxes owed
B
a refund on your taxes
C
the amount of taxes given back for only specific people
D
the difference between taxes paid and taxes owed
16) What is a text credit?
A
taxes for using a credit card
B
amount of taxes owed
C
amount of money that can be subtracted directly from taxes you owe
D
the difference between taxes paid and taxes owed
17) What is tax liability?
A
tax deductions
B
amount of taxes owed
C
difference between taxes paid and taxed owed
D
a tax thats liable
18) What is tax extension?
A
an exemption made to both individual taxpayers and businesses that are unable to file tax
B
a great way to save money
C
a type of tax deduction
D
only non-business people are able to get a tax extenstion
19) What is a tax audit?
A
taxes on audio instruments
B
examination of your tax return by IRS to verify that your income and deductions are accurate
C
another name for tax deductions
D
amount of taxes owed
20) What is an estate tax?
A
a tax deduction
B
a tax that only Illinois pays
C
federal tax collected on the value of a persons property at the time of his or her death
D
a tax that the state pays for
*select an answer for all questions
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