Personal Finance Exam Review 4 Question Preview (ID: 42362)


Final Exam Review. TEACHERS: click here for quick copy question ID numbers.

A tax ____ is an amount subtracted directly from the tax owed.
a) exemption
b) credit
c) deducation
d) bracket

Your filing status on your tax return is based on
a) your occupation.
b) your age.
c) your income.
d) your marital status.

Which of the following is an example of non-taxable income?
a) life insurance benefits
b) alimony
c) interest on a bank account
d) none of the above, all income is taxable

In the United States, the responsibility for filing a tax return rests with the individual. This defines the concept of
a) pay-as-you-go.
b) voluntary compliance.
c) the graduated income tax system.
d) the ability- to-pay principle.

Which of the following is an example of a flat tax?
a) consumption tax
b) federal income tax
c) property taxes
d) sales tax

In this kind of audit, the IRS sends a letter to the taxpayer, asking him or her to answer specific questions about the tax return.
a) office audit
b) correspondence audit
c) field audit
d) document audit

In the United States, the power to impose federal taxes rest with
a) the President.
b) the Internal Revenue Service.
c) the Congress.
d) the Department of the Treasury.

A tax for which the rate stays the same, regardless of income, is called a
a) proportional tax.
b) consumption tax.
c) regressive tax.
d) progressive tax.

The largest source of government revenue in the United States is
a) Social Security taxes.
b) excise taxes.
c) tariffs.
d) income taxes.

A work schedule that fits normal 40-hour workweek into less than five days is called
a) job sharing.
b) flextime.
c) job rotation.
d) a compressed workweek.

Members of this type of union are skilled, semiskilled, or unskilled employees in a particular place, industry, or group of industries.
a) craft union
b) industrial union
c) public-employee union
d) trade union

In a flexible scheduling arrangement, the core time period is
a) the time of day when employees get their daily assignments.
b) the starting time for most employees.
c) the schedule requested most often by employees.
d) a crucial time of day when all employees must be working.

Which of the following benefits are employers required by law to provide?
a) child care
b) workers' compensation
c) paid vacations
d) all of the above

A type of incentive pay based on quality of work done or years of service on the job is called a
a) bonus.
b) stock option.
c) profit sharing plan.
d) pension plan.

Self-employed people must make estimated tax payments
a) weekly.
b) monthly.
c) quarterly.
d) yearly.

For employees, the Social Security deduction is withheld at the rate of
a) 1.45 percent of the first $102,000 earned.
b) 1.45 percent of all pay earned.
c) 6.2 percent of the first $102,000 earned.
d) 6.2 percent of all pay earned.

If you are a salaried worker.
a) you will probably be paid twice per year.
b) your overtime pay rate is higher than that of an hourly worker.
c) no deductions will be taken from your paycheck
d) your gross pay is the same as your salary.

Rate x Hours Worked =
a) Net Pay.
b) Gross Pay.
c) Overtime Pay.
d) Incentive Pay.

A standard workweek is
a) 32 hours
b) 36 hours
c) 40 hours
d) 44 hours

You must file your tax return by this date every year.
a) January 1
b) April 15
c) June 1
d) December 31

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