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2022 Unit 1 Personal Finance Quiz

Test Description: 2022 Unit 1 Personal Finance Quiz

Instructions: Answer all questions to get your test result.

1) What do your abilities include?

A- BThe things you are interested in doing CThe things you do poorly DThe things you do well

2) When is career planning is done?

ANever BOnly in college CAfter high school DThroughout your life

3) This total amount of earnings made BEFORE taxes and deductions.

AGross income BLocal income CNet income DFederal income

4) The is the total amount of earnings made AFTER taxes and deductions.

AFederal income BLocal income CNet income DGross income

5) Who pays taxes?

AMost people who have jobs BMost people who own property CMost people who purchase items DAll answers are correct

6) What are three MAIN types of taxes?

AUnemployment, sales, water BIncome, sales, and property CUnemployment, insurance, principal DWater, electric, sewer

7) What is the purpose of taxes?

ATo support government programs BTo improve roads and schools CTo pay for public projects DAll answers are correct

8) What is income tax?

AA tax on earnings from wages, tips and/or rent BThe amount of money someone has saved CA private insurance system just for the elderly DAll of the answers are correct

9) How are social security and medicare funded?

AEmployees BAll answers are correct CEmployed People DEmployers

10) What is a state tax on the sale of goods and services?

AIncome tax BSales tax CProperty tax DUnemployment tax

*select an answer for all questions

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