
Chapter 7 Review
Authored by Macey Hamilton
Financial Education
10th Grade
Used 1+ times

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21 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a cafeteria plan?
A meal plan offered by educational institutions.
A portion of pre-tax wages set aside for the payment of certain medical, childcare, parental care, and nonreimbursed medical insurance expenses.
A government program providing food assistance.
A detailed plan for starting a cafeteria business.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Who is considered a dependent for tax purposes?
A person who lives with the taxpayer for more than half the year.
A person reported on a taxpayer's income tax form that the taxpayer supports financially.
A person who is employed by the taxpayer.
A person who occasionally borrows money from the taxpayer.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is an exemption on tax forms?
A penalty for not following tax laws.
A mandatory fee added to the taxpayer's total tax due.
Information included on tax forms that lowers taxes; exemptions include dependents as well as the taxpayer.
A request to be excluded from paying taxes.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a flat tax?
A tax that increases based on the taxpayer's income.
A tax that is the same percentage or rate for everyone, such as sales tax.
A tax that is only applied to luxury items.
A tax that is determined by the size of the taxpayer's property.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a flexible spending account (FSA)?
An account used for saving money tax-free for retirement.
An account where employees can save pre-tax dollars for education expenses.
An employee-sponsored cafeteria plan in which employees choose to deposit funds that will be used in a specified 12-month period for certain expenses.
A savings account with a high interest rate offered by banks.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is Form 1040 used for?
To apply for a tax refund.
To report personal income and expenses for small businesses.
A tax form used by people that have other types of income such as royalties, alimony, or prizes; also called the long form.
To request an extension for filing taxes.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of Form W-2?
A form used to report the withholding data; a Wage and Tax Statement given to employees to compute federal, state, and local income taxes; a copy of the W-2 is submitted along with tax forms.
A form used to report tips received by employees.
A form used to request a tax payment plan.
A form used to declare self-employment income.
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