Quiz about Taxes and Income

Question 1

A deduction is

Accepted Answer

money taken out of your income

Answer

gross income

Answer

money added to your income

Answer

net income

Question 2

Gross income is:

Accepted Answer

the total amount of money you earn

Answer

the amount of money you receive after decuctions are subtracted

Answer

the total amount of money you spend

Answer

sales taxes on items you buy

Question 3

Alexis worked 24 hours last week. At a rate of $12 per hour, what was Alexis' gross pay?

Accepted Answer

$288

Answer

$36

Answer

$144

Answer

$312

Question 4

Net income is:

Accepted Answer

the amount of money you receive after deductions are subtracted from your gross income

Answer

the total amount of money you earn

Answer

the amount of money that is taken away in the form of taxes

Answer

the hourly rate of pay

Question 5

Gross income minus deductions equals your net income.

If Amorelle made $384 in gross income and her deductions are $122, what is her net income?

Accepted Answer

$262

Answer

$506

Answer

$406

Answer

$266

Question 6

The amount used for budgeting purposes.

Accepted Answer

Net

Answer

Gross

Question 7

Includes taxes and deductions

Accepted Answer

Gross

Answer

Net

Question 8

Total amount earned for the time worked

Accepted Answer

Gross

Answer

Net

Question 9

Calculated by subtracting taxes and deductions from total amount worked

Accepted Answer

Net

Answer

Gross

Question 10

Calculated by multiplying a daily or hourly rate by the days or hours worked

Accepted Answer

Gross

Answer

Net

Question 11

Amount remaining after deductions

Accepted Answer

Net

Answer

Gross

Question 12

Sometimes called "take-home" pay

Accepted Answer

Net

Answer

Gross

Question 13

Amount earned before taxes and deductions

Accepted Answer

Gross

Answer

Net

Question 14

The amount of money that can be spent by an employee

Accepted Answer

Net

Answer

Gross

Question 15

Your salary

Accepted Answer

Gross

Answer

Net

Question 16

The total amount before income and payroll taxes are deducted

Accepted Answer

Gross

Answer

Net

Question 17

Fort Bend county charges tax each year on the house that Jennifer owns. Which type of tax does she pay?

Accepted Answer

Property Tax

Answer

Sales Tax

Answer

Income Tax

Answer

Payroll Tax

Question 18

William's dad pays a tax to the federal government each year based off the money he earns from his landscaping business. What type of tax does William's dad pay each year?

Accepted Answer

Income Tax

Answer

Payroll Tax

Answer

Sales Tax

Answer

Property Tax

Question 19

Money that is taken out of a paycheck that goes to programs, like Social Security and Meidcare, that help people when they retire.

Accepted Answer

Payroll tax

Answer

Property tax

Answer

Income tax

Answer

Sales tax

Question 20

Mr. Mann owns a ranch that has 45 acres of land. Each year Mr. Mann pays $5,340 in taxes on the land for his ranch. Which type of tax does Mr. Mann pay?

Accepted Answer

Property Tax

Answer

Payroll Tax

Answer

Income Tax

Answer

Sales Tax

Question 21

Jarrod was a contestant on a popular game show and won a $1,000 prize on the show. Jarrod had to pay $200 of his winnings in taxes. Which type of tax did Jarrod have to pay?

Accepted Answer

Income Tax

Answer

Payroll Tax

Answer

Sales Tax

Answer

Property Tax

Question 22

Brooke spent $45.98, including tax, at the grocery store. Which type of tax did Brooke pay?

Accepted Answer

Sales Tax

Answer

Payroll Tax

Answer

Income Tax

Answer

Property Tax

Question 23

Jan pays federal taxes every year based off her yearly income. Which type of tax is calculated by the amount of your income?

Accepted Answer

Income Tax

Answer

Payroll Tax

Answer

Sales Tax

Answer

Property Tax

Question 24

Property Tax is-

Accepted Answer

tax on the house and/or land you own

Answer

Tax on things you buy or purchase

Answer

tax taken out of your paycheck

Answer

tax that you pay based on your income

Question 25

A tax based on an employee's wages. It is paid at least partially by the employer.

Accepted Answer

Payroll Tax

Answer

Income Tax

Answer

Property Tax

Answer

Sales Tax

Question 26

A tax based on purchased goods and services.

Accepted Answer

Sales Tax

Answer

Payroll Tax

Answer

Income Tax

Answer

Property Tax

Question 27

A tax paid on buildings or land by the owner.

Accepted Answer

Property Tax

Answer

Payroll Tax

Answer

Income Tax

Answer

Sales Tax

Question 28

A plan for how much income will be received and how it will be spent, saved and shared.

Accepted Answer

Budget

Answer

Balanced Budget

Question 29

A portion of the value of items.  This can be charged on items like: cars, houses, boats, or land.

Accepted Answer

Property Tax

Answer

Income Tax

Answer

Sales Tax

Answer

Payroll Tax

Question 30

money earned or received

Accepted Answer

Income

Answer

Expenses

Answer

Deductions

Answer

Check

Question 31

Tax the boss takes out of your check for social security and medicare

Accepted Answer

Payroll tax

Answer

Property Tax

Answer

Income Tax

Answer

Sales Tax

Question 32

Tax on the value of a house, building or land

Accepted Answer

Property tax

Answer

Sales Tax

Answer

Income Tax

Question 33

Tax on something you buy

Accepted Answer

Sales Tax

Answer

Property tax

Answer

income tax

Answer

payroll tax

Question 34

the income that remains after taxes and other deductions

Accepted Answer

Net Income

Answer

Gross income

Question 35

when your expenses and Income are equal

Accepted Answer

balanced budget

Answer

net income

Answer

gross income

Answer

great

Question 36

Money taken out your income

Accepted Answer

deductions

Answer

gross

Answer

net

Answer

expenses

Question 37

Which of these is NOT an example of property tax?

Accepted Answer

Tax paid on the value of a piece of furniture a person owns

Answer

Tax paid on the value of a farm a person owns

Answer

Tax paid on the value of a piece of land a person owns

Answer

Tax paid on the value of a home a person owns

Question 38

Taxes paid to the FEDERAL (nation/country) government?

Accepted Answer

Income Tax

Accepted Answer

Payroll Tax

Answer

Property Tax

Answer

Sales Tax

Question 39

Taxes paid to the STATE (local) government?

Accepted Answer

Property Tax

Accepted Answer

Sales Tax

Answer

Income Tax

Answer

Payroll Tax

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