Personal Finance Final Exam

Personal Finance Final Exam

82 Qs

quiz-placeholder

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Personal Finance Final Exam

Personal Finance Final Exam

Assessment

Quiz

others

Hard

Created by

Deborah Swoboda

FREE Resource

82 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Which of the following are the three largest categories of federal government spending?
Infrastructure, Defense, and Science
Health, Military, and Interest on Debt
Veterans, Infrastructure, and Education
Education, Defense, and Food/Agriculture

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. What does the term "withholding" mean in reference to your paycheck?
It is the amount of your paycheck that you are NOT being taxed on.
It is how much is being taken out of your paycheck in taxes.
It is how much you are going to owe the government when you file your annual tax return.
It is how much you earn and includes salary, bonus and commissions.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. When do you start paying taxes?
When you turn 18
When you make more than the minimum income requirement
When you get a full-time job (part-time does not count)
When you are notified by the IRS that you are required to pay federal income taxes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. Why is it important to be extremely careful when completing your 1040 form?
Making even one mistake on your federal taxes can result in your being convicted of a crime
The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government
Completing the 1040 incorrectly will mean the wrong amount of taxes will be withheld from your paychecks going forward
Mistakes on your 1040 form make you ineligible for employment during the next year

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
W-2
W-4
I-9
1040

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?
Social Security
Medicare
401(k) contribution
Federal income taxes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. What form am I? I am received when you start a job. You use me to prove that you are eligible to work in the U.S., and you must provide forms of identification when submitting me.
I-9
1099
1040
W-4

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