Financial Scenario Quiz

What is the gross income according to the image?

• $150

• $200

• $400

• $50

What does net income represent?

• The total amount of money before taxes and expenses

• The amount of taxes paid

• The total amount of money earned after taxes and expenses are subtracted

• The total amount of expenses

What is income tax?

• A) A tax paid to the government on money spent

• B) A tax paid to the government on money earned

• C) A tax received from the government on money earned

• D) A tax received from the government on money spent

What is a payroll tax?

• A tax that an individual pays directly to the government.

• A tax that an employer is required to subtract from a person's gross income.

• A tax that is paid by the employer based on the company's profits.

• A voluntary contribution to the government by a business.

Who is responsible for remitting payroll taxes to the government?

• Employees

• Business

• Government

• Independent contractors

From whose income are payroll taxes deducted?

• Government officials

• Business owners

• Employees

• Shareholders

What is sales tax?

• A) A discount given on the price of goods and services

• B) A tax added to the price of goods and services

• C) A tax deducted from an employee's salary

• D) A government fee for registering a business

What is property tax?

• A) A fee paid for renting a property

• B) Money paid to the local government based on the value of someone's house or land

• C) A tax on the sale of property

• D) A tax on income from property rentals

What is a check?

• A written document used to withdraw money and pay for goods from a bank account

• A digital code used to access online banking

• A form of identification required for bank transactions

• A tool used to calculate interest on a savings account

What is a credit card?

• A small plastic card used to purchase goods or services with your own money that must be paid back immediately.

• A small plastic card used to purchase goods or services with the bank's money that must be paid back with interest to the bank or institution in the future.

• A paper voucher used to purchase goods or services with the bank's money without any need to pay back.

• A digital code used to securely access your own money for online transactions only.