2022 Unit 1 Personal Finance Quiz Question Preview (ID: 60323)


2022 Unit 1 Personal Finance Quiz. TEACHERS: click here for quick copy question ID numbers.

What do your abilities include?
a) The things you do well
b) The things you are interested in doing
c) The things you do poorly
d) -

When is career planning is done?
a) Only in college
b) Throughout your life
c) After high school
d) Never

This total amount of earnings made BEFORE taxes and deductions.
a) Gross income
b) Net income
c) Federal income
d) Local income

The is the total amount of earnings made AFTER taxes and deductions.
a) Gross income
b) Net income
c) Federal income
d) Local income

Who pays taxes?
a) Most people who have jobs
b) Most people who own property
c) Most people who purchase items
d) All answers are correct

What are three MAIN types of taxes?
a) Unemployment, insurance, principal
b) Water, electric, sewer
c) Unemployment, sales, water
d) Income, sales, and property

What is the purpose of taxes?
a) To improve roads and schools
b) To support government programs
c) To pay for public projects
d) All answers are correct

What is income tax?
a) The amount of money someone has saved
b) A tax on earnings from wages, tips and/or rent
c) A private insurance system just for the elderly
d) All of the answers are correct

How are social security and medicare funded?
a) Employees
b) Employers
c) Employed People
d) All answers are correct

What is a state tax on the sale of goods and services?
a) Income tax
b) Sales tax
c) Property tax
d) Unemployment tax

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