Ramsey Ch. 10 Review Question Preview (ID: 58502)
Review Of Terms.
TEACHERS: click here for quick copy question ID numbers.
the amount you earn before taxes and other payroll deductions
a) net income
b) gross income
c) basic salary
d) net profit
the amount subtracted from gross pay, which results in your net pay
a) payroll deductions
b) expenses
c) taxes and insurance
d) FICA
a one-year period that governments or companies use for financial reporting
a) leap year
b) annual reporting
c) senior year
d) fiscal year
the total amount of debt a country owes to companies and other countries as a result of deficit spending
a) bond issue
b) deficit spending
c) national debt
d) budget surplus
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) sales tax
c) spending tax
d) luxury tax
a tax on goods and services that goes to a state or local government
a) local tax
b) excise tax
c) sales tax
d) boom tax
a tax on a certain goods that aren‘t typically considered a necessity; sometimes called a luxury tax
a) sales tax
b) income tax
c) excise tax
d) presidential tax
a fixed annual amount earned by an employee, typically paid weekly, biweekly, or monthly
a) wage
b) bills
c) bones
d) salary
money earned on a regular basis with little or no effort required to maintain it
a) minimum wage
b) passive income
c) paper asset
d) portfolio income
money paid by the hour and for an agreed number of hours per week; especially for unskilled or manual labor
a) wage
b) salary
c) minimum wage
d) cheese
tax paid out by anyone who earns an income
a) income tax
b) tax professional
c) sales tax
d) pay tax
the income ranges in which tax rates apply
a) tax range
b) tax day
c) tax bracket
d) wealth tax
the total tax a person or business has to pay
a) tax liability
b) sales + fica
c) income + fica
d) luxury + income
a report that a taxpayer has to submit annually to the government and is used to determine a person‘s tax liability
a) w-4
b) balance sheet
c) income statement
d) tax return
tax day usually falls on
a) june 15
b) dec 31
c) april 15
d) jan 1
the dollar amount people can subtract from their income before the tax is calculated
a) tax credit
b) tax return
c) standard deduction
d) tax deduction
a special tax form to report certain types of income or deductions
a) tax return
b) tax schedule
c) tax deduction
d) luxury tax
an amount of money a taxpayer can subtract from the taxes they owe
a) tax deduction
b) tax credit
c) seasonal tax
d) standard deduction
an official IRS inspection of a tax return to make sure the income and deductions are accurate
a) jail time
b) tax return
c) audit
d) discount double check
a tax based on the market value of owned assets
a) wealth tax
b) luxury tax
c) property tax
d) income tax
Play Games with the Questions above at ReviewGameZone.com
To play games using the questions from above, visit ReviewGameZone.com and enter game ID number: 58502 in the upper right hand corner or click here.
To play games using the questions from above, visit ReviewGameZone.com and enter game ID number: 58502 in the upper right hand corner or click here.
TEACHERS / EDUCATORS
Log In | Sign Up / Register
Log In | Sign Up / Register