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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
-
B
The things you do poorly
C
The things you do well
D
The things you are interested in doing
2) When is career planning is done?
A
Only in college
B
After high school
C
Never
D
Throughout your life
3) This total amount of earnings made BEFORE taxes and deductions.
A
Local income
B
Federal income
C
Gross income
D
Net income
4) The is the total amount of earnings made AFTER taxes and deductions.
A
Net income
B
Federal income
C
Local income
D
Gross income
5) Who pays taxes?
A
Most people who have jobs
B
Most people who purchase items
C
Most people who own property
D
All answers are correct
6) What are three MAIN types of taxes?
A
Unemployment, insurance, principal
B
Unemployment, sales, water
C
Water, electric, sewer
D
Income, sales, and property
7) What is the purpose of taxes?
A
All answers are correct
B
To improve roads and schools
C
To support government programs
D
To pay for public projects
8) What is income tax?
A
A private insurance system just for the elderly
B
A tax on earnings from wages, tips and/or rent
C
The amount of money someone has saved
D
All of the answers are correct
9) How are social security and medicare funded?
A
Employed People
B
Employers
C
All answers are correct
D
Employees
10) What is a state tax on the sale of goods and services?
A
Income tax
B
Property tax
C
Sales tax
D
Unemployment tax
*select an answer for all questions
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