Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
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 thats filled out by the employee
D
a form that an employer must send to an employee and IRS
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 that an employer must send to an employee and IRS
D
a form to own a car
3) What does Withholding allowance mean?
A
to withhold someone from doing something
B
another word for salary
C
allowing someone to do something
D
exemptions on the tax form employers use to determine how much of an employees pay to subtract from its paycheck to remit
4) What is income tax?
A
the highest amount of taxes
B
tax on wages, salaries and self employed earning
C
taxes that come inside
D
taxes that are only paid by rich people
5) What is the 1040 EZ?
A
an immigration form
B
a tax form that offers an easier and faster way to file taxes
C
reports how much money employee receives form working
D
a form that is very easy to fill out
6) How do you become eligible to fill out a 1040a form?
A
itemizing deductions
B
make less than $100000
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
individuals use to file their annual income tax returns
C
a pension plan
D
amount a person makes
8) What does unemployment compensation mean?
A
to hire someone for a new job
B
to fire someone from their job
C
money thats given to the employees
D
money that substitutes for wages or salary paid to recently unemployed workers under a program
9) What is an adjusted gross income?
A
the money employee gets to take home
B
individuals total gross income minus specific deductions
C
employees net pay
D
their annual salary
10) What is a taxable income?
A
to be exempt from paying taxes
B
taxes that have to do with anything that are indoors
C
amount of income thats used to calculate an individuals or companys income tax
D
only specific people get taxed on
11) What is another word for tax exempt income?
A
excluded
B
exemption
C
excused
D
cut out
12) What is a standard tax deduction?
A
specific experse such as medical experse that you deduct from gross pay
B
amount of money that gets deducted
C
amount of taxes owed
D
amount of money set by IRS thats not taxed
13) What is itemized tax deduction?
A
amount of money owed
B
amount of taxes that are deducted
C
amount of money set by IRS thats not taxed
D
specific experse such as a medical experse that you can deduct from gross pay
14) What is tax exemption?
A
required to pay
B
amount of taxes that are owed
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
the difference between taxes paid and taxes owed
C
the amount of taxes given back for only specific people
D
a refund on your taxes
16) What is a text credit?
A
amount of money that can be subtracted directly from taxes you owe
B
the difference between taxes paid and taxes owed
C
amount of taxes owed
D
taxes for using a credit card
17) What is tax liability?
A
difference between taxes paid and taxed owed
B
tax deductions
C
amount of taxes 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
only non-business people are able to get a tax extenstion
C
a great way to save money
D
a type of tax deduction
19) What is a tax audit?
A
another name for tax deductions
B
amount of taxes owed
C
examination of your tax return by IRS to verify that your income and deductions are accurate
D
taxes on audio instruments
20) What is an estate tax?
A
a tax that the state pays for
B
a tax deduction
C
a tax that only Illinois pays
D
federal tax collected on the value of a persons property at the time of his or her death
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?