Unit 3 Personal finance/taxes

What is the agency that collects and regulates federal taxes in the US?

• The Internal Revenue Service

• US Treasury

• The Federal Reserve

• The US Congress

A ______ tax imposes a higher percentage of tax on people with lower incomes...

• Regressive

• Proportional

• Progressive

The amount of money in your paycheck after taxes are taken out is called

• Net Income

• Gross income

• Total Income

• Disposable Income

Why would a person complete a FAFSA application...

• to enter the military

• to apply for student aid

• to receive college credit for classes completed in High school

• to enhance ones resume

All tips (like what a waiter gets) are taxable...

• True

• False

All grants must be payed back

• True

• False

A _________ tax is one that imposes a higher percentage of tax on people with higher incomes

• Progressive

• Regressive

• Proportional

If the tax rate for everyone is 10%, Mark makes $100,000 and pays $10,000 and Johnny makes $50,000 and pays $5,000 this is an example of...

• Proportional Tax

• Regressive Tax

• Progressive

A real world example of a progressive tax is our federal income tax system?

• True

• False

You can receive a grant from the following...

• State government

• Federal government

• Non-profit organizations

• All answers choices are correct