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Ramsey Ch. 10 Review
Test Description: Review of terms
Instructions: Answer all questions to get your test result.
1) the amount you earn before taxes and other payroll deductions
A
gross income
B
net profit
C
basic salary
D
net income
2) the amount subtracted from gross pay, which results in your net pay
A
taxes and insurance
B
payroll deductions
C
expenses
D
FICA
3) a one-year period that governments or companies use for financial reporting
A
senior year
B
fiscal year
C
annual reporting
D
leap year
4) the total amount of debt a country owes to companies and other countries as a result of deficit spending
A
national debt
B
budget surplus
C
deficit spending
D
bond issue
5) a tax on the purchase of goods or services in the form of sales tax, excise tax, and other special taxes
A
consumption tax
B
luxury tax
C
spending tax
D
sales tax
6) a tax on goods and services that goes to a state or local government
A
boom tax
B
local tax
C
excise tax
D
sales tax
7) a tax on a certain goods that aren‘t typically considered a necessity; sometimes called a luxury tax
A
excise tax
B
income tax
C
sales tax
D
presidential tax
8) a fixed annual amount earned by an employee, typically paid weekly, biweekly, or monthly
A
bones
B
wage
C
salary
D
bills
9) money earned on a regular basis with little or no effort required to maintain it
A
portfolio income
B
minimum wage
C
passive income
D
paper asset
10) money paid by the hour and for an agreed number of hours per week; especially for unskilled or manual labor
A
cheese
B
salary
C
wage
D
minimum wage
11) tax paid out by anyone who earns an income
A
income tax
B
sales tax
C
pay tax
D
tax professional
12) the income ranges in which tax rates apply
A
tax range
B
tax bracket
C
tax day
D
wealth tax
13) the total tax a person or business has to pay
A
tax liability
B
sales + fica
C
income + fica
D
luxury + income
14) a report that a taxpayer has to submit annually to the government and is used to determine a person‘s tax liability
A
income statement
B
balance sheet
C
tax return
D
w-4
15) tax day usually falls on
A
dec 31
B
jan 1
C
june 15
D
april 15
16) the dollar amount people can subtract from their income before the tax is calculated
A
tax deduction
B
standard deduction
C
tax return
D
tax credit
17) a special tax form to report certain types of income or deductions
A
tax deduction
B
tax return
C
tax schedule
D
luxury tax
18) an amount of money a taxpayer can subtract from the taxes they owe
A
tax deduction
B
seasonal tax
C
tax credit
D
standard deduction
19) an official IRS inspection of a tax return to make sure the income and deductions are accurate
A
audit
B
discount double check
C
tax return
D
jail time
20) a tax based on the market value of owned assets
A
wealth tax
B
income tax
C
luxury tax
D
property tax
*select an answer for all questions
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