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Semester 2 Test Financial Literacy Flashcards | StudBud
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Semester 2 Test Financial Literacy
Semester 2 Test Financial Literacy
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THis will be your grade for your semester test. USE YOUR NOTES!!!!!!!!!!!!
Flashcards
25 cards
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Questions
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Answers
1
What is a salary?
Fixed, annual rate of pay for work
The amount after taxes
Money made per hour
Minimum legal hourly wage
2
What is minimum wage?
Federal and State; lowest amount per hour to work
The lowest salary possible
Passive income
Your take-home pay
3
What is gross income?
The amount you bring home after deductions
The amount left after expenses
The total of passive and portfolio income
The amount you earn before taxes
4
What are income taxes?
Tax paid out by one who earns an income
A tax on property
A tax on gifts and inheritance
A tax on goods and services
5
What is a tax bracket?
Your income minus deductions
A report showing how much you earned
A level of tax refund
Income ranges in which tax rates apply
6
What is net income?
The amount you bring home after deductions
The total of wages and salary
The amount you earn before taxes
The income from investments
7
What is an audit?
A request for a W-2
A deduction review
Official IRS inspection of a tax return
Refund of tax money
8
What is an estate tax also called?
Gift tax
Income tax
Death tax
Inheritance tax
9
What is Form W-2?
A form you give your employer
Form you submit to the bank
Used to claim tax credits
Employer gives you this form
10
What are withholdings?
Money earned from investments
Your refund from the IRS
The portion of employee’s pay held back to cover taxes & other deductions
Passive income from rental properties
11
What is a wage?
Investment returns
Money from YouTube blogs
Fixed, annual rate of pay
Money made per hour
12
What is the W-4 form used for?
Shows how much you made last year
Is used when you sell property
Tells the government how much you earned
Lets your employer know how much to withhold for taxes
13
What is inheritance tax?
You pay on an asset you receive from someone when they pass away
Tax on property you purchase
Tax on capital gains
Tax on sales
14
What is a tax return?
Form from your employer
A refund check
Summary of deductions
A report that a taxpayer has to submit annually to the government,
15
What is portfolio income?
Money earned from investments
Tax refund
Gifted money
Salary or wage
16
What is property tax?
Tax on your house and land
Tax on wages
Tax on passive income
Tax on cars and boats
17
What is a gift tax?
Tax on money/big items gifted to you
Tax on investment income
Tax on buying gifts
Tax on charity donations
18
Who must file income taxes?
Only people who earn a salary
Everyone; it’s the law
Only people over 21
Only property owners
19
What is a sales tax?
A tax on goods and services that goes to the state or local government
A gift tax
A deduction from your income
Tax on property
20
What does IRS stand for?
Individual Refund Service
Internal Revenue System
Income Reporting Service
International Revenue Sector
21
What is passive income?
$ earned with little/no effort (rental properties, creating & selling items
A tax return from the government
Earnings from your job
Wages or salary from working
22
What is the standard deduction?
The $ amount people can subtract from their income before tax is calculated
Your estimated tax bill
A list of deductible expenses
The amount withheld
23
What is Tax Day?
December 31st
March 1st
April 15th
January 31st
24
What is a refund?
Money back
Taxable income
Total income
Gift from the government
25
What is a fiscal year?
The time when you file taxes
Your tax refund period
A financial quarter
A one-year time frame, usually from Jan 1 to Dec 31
