taxes quiz review

What does national debt represent?

•  A) Total earnings of a country

•   B) Total savings of a country

•     C) Total amount of debt a country owes

•     D) Total amount of money a country has

What is the consequence of not paying your taxes?

•     A) Getting a tax refund

•   B) Facing a failure-to-pay penalty

•     C) Receiving a tax deduction

•     D) Getting a bonus from the IRS

What government agency collects federal taxes?

•   A) FBI - Federal Bureau of Investigation

•     B) IRS - Internal Revenue Service

•     C) CIA - Central Intelligence Agency

•    D) NSA - National Security Agency

What does it mean to break even at tax time?

•  A) To owe the government money

•  B) To get a tax refund

•    C) To owe no money and receive no refund

•     D) To receive a large bonus

What is deficit spending?

•  A) Spending less than you earn

• 
  

      B) Spending as much as you earn

•    C) Spending more than you earn

•     D) Spending nothing

What is the national debt?

• A) Total earnings of a country

•   B) Total savings of a country

• 
  

      C) Total amount of debt a country owes

• 
  

      D) Total amount of money a country has

What is the purpose of taxes?

• A) To fund government expenses

•     B) To fund personal expenses

•   C) To fund entertainment expenses

•    D) To fund educational expenses

What is Form W-4 used for?

•     A) Filing federal taxes

•    B) Reporting gross income

•     C) Calculating net income

•   D) Letting your employer know how much tax to withhold

What happens if too much tax is withheld from your paycheck?

•     A) You get a refund

•     B) You owe the government money

•    C) You get a bonus

•     D) You receive an interest-free loan

What form must you fill out when starting a job to let your employer know how much tax to withhold from your pay?

•    A) Form W-2

•    B) Form 1040

•    C) Form W-4

•    D) Form 1099