what a person earns after payroll taxes and other deductions are taken out

Unit 7 Test Review (Credit & Income)

Quiz
•
Social Studies
•
12th Grade
•
Medium
Erica Scripture
Used 3+ times
FREE Resource
51 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
irregular income
commission
gross income
net income
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This is the most reliable, consistent form of income. A person who needs financial security might be most comfortable with this form of income.
Hourly
Salary
Tips
Contractual
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Gross income is:
the total amount of money you earn
the amount of money you receive after decuctions are subtracted
the total amount of money you spend
sales taxes on items you buy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This type of income is when you are paid for the level of service you provide to customers (like a waitress)
salary
tips
independent contractor
hourly wages
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Johnny is excited because he worked an extra 10 hours last week - so he knows his next paycheck will be worth more. What type of income does Johnny make?
salary
hourly wages
capital gains
tips
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fred got to be an extra in a movie over Christmas break. He got paid $120 for his work, and they paid him via Venmo. On January 31, he got a 1099 form from the film company telling him how much he made, and he had to claim this income on his 2022 taxes. What type of income did he earn?
salary
capital gains
dividends
independent contractor services
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