PBMF: Ch 18 Quiz

PBMF: Ch 18 Quiz

8th Grade

24 Qs

quiz-placeholder

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PBMF: Ch 18 Quiz

PBMF: Ch 18 Quiz

Assessment

Quiz

Business

8th Grade

Easy

Created by

Regina Jackson

Used 1+ times

FREE Resource

24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between a trade-off and an opportunity cost is:

A trade-off involves a choice between two or more options, while opportunity cost is the value of the next best alternative foregone.

A trade-off is the cost of an opportunity, while opportunity cost is the benefit of a trade-off.

A trade-off is always monetary, while opportunity cost is always non-monetary.

There is no difference; they are the same concept.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you work 20 hours at $15 per hour, what's your gross pay?

$200

$250

$300

$350

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage do self-employed individuals pay in total FICA taxes?

12.4%

15.3%

7.65%

10.2%

4.

MATCH QUESTION

1 min • 1 pt

Match each word or phrase with the correct description.

Fixed Expenses

income received from employment

Earned Income

These vary from month to month

Variable Expenses

These remain the same each period

5.

CLASSIFICATION QUESTION

3 mins • 1 pt

Organize these options into the right categories

Groups:

(a) Fixed Expenses

,

(b) Variable Expenses

car payment

entertainment

rent

insurance
loan payments
dining out
clothing
groceries

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income tax is a tax levied on:

Goods and services

Property

Income of individuals and businesses

Imports and exports

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The organization that manages federal income taxes is:

Federal Reserve

Internal Revenue Service

Department of Treasury

Social Security Administration

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