Les. 10.1 Quizizz

What is the main idea of the lesson on taxes?

• Taxes are a reality for everyone and fund government services.

• Taxes are optional and can be avoided.

• Taxes are only paid by adults.

• Taxes are only used for building roads.

What is gross income?

• The amount you earn after taxes.

• The amount you earn before taxes and deductions.

• The amount you earn from investments.

• The amount you earn from bonuses.

What is net income?

• The amount you earn from a side job.

• The amount left after all withholdings and deductions.

• The amount you earn before any deductions.

• The total amount of money you earn in a year.

What are withholdings?

• The bonuses you receive from your employer.

• The amount of money you save each month.

• The amount you spend on groceries.

• The portion of pay held back for taxes and deductions.

What is deficit spending?

• Spending more than you earn, funded by borrowing.

• Spending exactly what you earn.

• Spending less than you earn.

• Spending only on necessary items.

What is the national debt?

• The total amount of money a country spends on education.

• The total amount of money a country earns from taxes.

• The total amount of debt a country owes due to deficit spending.

• The total amount of money a country saves.

What percentage of government revenue comes from income taxes?

• 8%

• 35%

• 6%

• 51%

Why do we pay taxes?

• To fund personal expenses.

• To reduce the national debt.

• To pay for government services and resources.

• To increase personal savings.

What is the proposed federal budget for fiscal year 2020?

• $1 trillion

• $3.8 trillion

• $4.8 trillion

• $2 trillion

What is the difference between gross and net income?

• Gross income is monthly; net income is yearly.

• Gross income includes bonuses; net income does not.

• Gross income is before taxes; net income is after taxes.

• Gross income is after taxes; net income is before taxes.