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- 1. Multiple ChoiceA term that best best describes your gross pay after taxes are deducted is:Take-Home PayNet WorthAssetsTotal Revenues
- 2. Multiple ChoiceThe term that best describes money left over after paying taxes, fixed and other essential living expenses, is:Net PayNet SurplusPlay MoneyDiscretionary Income
- 3. Multiple ChoiceThe amount withheld by an employer from an employee's earnings. Typically includes income taxes, FICA taxes, Group Insurance, Pension Contributions, etc.Excise TaxPayroll DeductionsIndirect TaxProportional Tax
- 4. Multiple ChoiceA tax paid directly by an individual or organization to the government (property taxes, income taxes)Indirect TaxDirect TaxNet IncomeSales Tax
- 5. Multiple ChoiceA tax paid to the government by one entity (like a business) in the supply chain, but is passed on to consumers as part of the price for the good/service. (sales tax)Indirect TaxDirect TaxProgressive TaxProportional Tax
- 6. Multiple ChoiceA form of indirect tax, imposed by the government. Also known as a "consumption tax."Income TaxCapital Gains TaxProgressive TaxSales Tax
- 7. Multiple ChoiceAlso called "sin taxes," taxes paid on the purchase of goods to encourage or discourage societal behaviors.Sales TaxProgressive TaxProportional TaxExcise Tax
- 8. Multiple ChoiceA tax in which the tax rate increases as the taxable amount increases.Indirect TaxSales TaxProgressive TaxRegressive Tax
- 9. Multiple ChoiceA tax in which the tax rate decreases as the amount subject to taxation increases.Direct TaxProportional TaxRegressive TaxProgressive Tax
- 10. Multiple ChoiceAn income tax in which the tax rate is fixed, with no change as the taxable amount increases or decreases.Progressive TaxIndirect TaxProportional TaxRegressive Tax
- 11. Multiple ChoiceWhile we submit our tax filings to the IRS, where do our federal tax dollars actually go? (What department runs the IRS?)IRSTreasury DepartmentThe Federal ReserveMr. McKeag (it's a hobby)
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