What is "Gross Income"?

Chapter 8 Key Term Review

Quiz
•
Financial Education
•
9th - 12th Grade
•
Medium
Tuoya Deach
Used 1+ times
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The amount a person earns after taxes and deductions
The amount you earn before taxes and other payroll deductions
The total amount of debt a country owes
Taxes paid by anyone who owns property
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is "Net Income"?
The amount you earn before taxes and other payroll deductions
The total tax a person or business has to pay
The amount a person earns after payroll taxes and other deductions
The smallest amount that employers can legally pay their employees per hour of work
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What does "Fiscal Year" refer to?
A one-year period that governments or companies use for financial reporting
The amount of money earned from an investment sold at a higher price than you paid for it
The total amount of debt a country owes to companies and other countries
A tax return that a taxpayer submits annually to the government
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is "Deficit Spending"?
Spending less than you earn
The total amount of debt a country owes
Spending more than you earn, funded by borrowing rather than by taxation
The dollar amount people can subtract from their income before tax is calculated
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is "National Debt"?
The amount a person earns after payroll taxes and other deductions
The total amount of debt a country owes to companies and other countries as a result of deficit spending
The smallest amount that employers can legally pay their employees per hour of work
The amount of money a taxpayer can subtract from the taxes they owe
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is "Earned Income"?
Any income that is generated by the work someone performs
Money earned from an investment sold at a higher price than you paid for it
Taxes paid by anyone who earns an income
The total amount of debt a country owes
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the difference between "Estate Tax" and "Inheritance Tax"?
Estate Tax is based on the market value of owned assets, while Inheritance Tax is a state tax on an asset received from someone who has passed away
Inheritance Tax is a tax on the market value of owned assets, while Estate Tax is a state tax on an asset received from someone who has passed away
Estate Tax is a tax on an asset that exceeds the yearly amount you can transfer to another person without compensation of equal value, while Inheritance Tax is not
There is no difference; they are the same thing
8.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is Sales Tax?
A tax on the sale of property
A tax on goods and services that goes to a state or local government
A tax on income earned from sales
A tax on imported goods
9.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is Excise Tax commonly referred to as?
Income tax
Luxury tax
Corporate tax
Property tax
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