Chapter 6 Vocabulary

Chapter 6 Vocabulary

12th Grade

20 Qs

quiz-placeholder

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Chapter 6 Vocabulary

Chapter 6 Vocabulary

Assessment

Quiz

Mathematics

12th Grade

Easy

Created by

Mr. Lane

Used 6+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary purpose of taxes imposed by the government?

To increase the wealth of citizens

To fund public services

To discourage spending

To promote private businesses

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which form is used by individuals to file federal income taxes?

W-2 Form

1040 Form

1099 Form

W-4 Form

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does the W-2 Form provide information about?

Total earnings and tax withholdings for the year

Income summary from sources other than wages

How much federal income tax to withhold

A fixed amount that reduces taxable income

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the term for the total income before taxes and other deductions?

Net Income

Gross Income

Adjusted Gross Income

Taxable Income

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which agency is responsible for collecting federal taxes in the United States?

Ohio Department of Taxation

Internal Revenue Service

Federal Reserve

Department of Treasury

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a tax bracket?

A form used to report income

A range of incomes taxed at a specific rate

A fixed amount that reduces taxable income

A person who relies on someone else for financial support

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of the W-4 Form?

To report total earnings and tax withholdings

To determine how much federal income tax to withhold from a paycheck

To summarize income from sources other than wages

To file federal income taxes

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