Taxes and Income Vocabulary and Definitions

Taxes and Income Vocabulary and Definitions

11th Grade

25 Qs

quiz-placeholder

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Taxes and Income Vocabulary and Definitions

Taxes and Income Vocabulary and Definitions

Assessment

Quiz

Life Skills

11th Grade

Medium

Created by

Alicia Thompson

Used 1+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital gain is defined as:

The profit from the sale of an asset or investment.

The interest earned on a savings account.

The amount of money borrowed from a bank.

The total revenue of a company.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Withholding refers to:

The amount deducted from an employee's wages for taxes

The total salary paid to an employee

The bonus given to an employee

The net salary after all deductions

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compound interest is a method of calculating interest where the interest earned is added to the principal, so that the interest is calculated on the new total in subsequent periods.

Simple interest

Compound interest

Fixed interest

Variable interest

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A Dividend in the context of a company's profits is:

a portion of a company's earnings distributed to shareholders.

a type of tax imposed on company profits.

the total revenue generated by a company.

the net profit after all expenses are deducted.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define Exemption in terms of taxable income.

An exemption is a portion of income that is not subject to tax.

An exemption is a tax rate applied to all income.

An exemption is a penalty for not paying taxes.

An exemption is a tax credit for low-income earners.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Gig economy is:

a traditional employment model with long-term contracts

a labor market characterized by short-term contracts or freelance work

an economy based on agricultural and industrial sectors

a system where employees work for a single employer for their entire career

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purpose of an I-9 form is to:

Verify the identity and employment authorization of individuals hired for employment in the United States

File taxes with the IRS

Apply for a driver's license

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