Chapter 2 Quiz

What is a wage?

• Pay for each month worked

• Pay for each year worked

• Pay for each hour worked

• Pay for each project completed

What type of income is gambling winnings classified as?

• Earned Income

• Unearned Income

• Variable Income

• Passive Income

What is considered a form of unearned income from private sources?

• Salary

• Dividends

• Wages

• Overtime pay

What is an example of an in-kind payment?

• Check

• Debit card

• Money

• Goods or services

Which of the following is NOT a form of unearned income?

• Interest

• Salary

• Pensions

• Capital gain

Which of the following is NOT a government transfer payment?

• In-Cash Payments

• In-Kind Payment

• Dividends

• Transfer payments

Which of the following is a form of unearned income from government sources?

• Dividends

• In-Cash Payments

• Rental income

• Capital gain

What are direct taxes?

• Taxes paid directly to the government

• Taxes on goods and services

• Taxes on imports

• Taxes on exports

What are indirect taxes?

• Taxes on income

• Taxes on property

• Taxes on goods and services

• Taxes on wealth

Indirect taxes are charged on what?

• Income

• Property

• Goods and services

• Wealth