S2 ch18 quiz

Question 1

what is the definition of tax return

Accepted Answer

report containing information used to calculate taxes owed by the taxpayer.

Question 2

What can you use on a open note test

Accepted Answer

Notes

Question 3

the definition of form W-2 wage is shows earnings and tax deductions withheld during the year

Accepted Answer

True

Question 4

What does ch18 cover

Accepted Answer

income and Taxes

Question 5

An ______ is subtraction from gross pay

Accepted Answer

payroll deduction

Question 6

the relationship between career clusters and career pathways. Clusters is a group of jobs and pathways is how to obtain

Accepted Answer

True

Question 7

what is the definition of Overtime pay

Accepted Answer

amount paid for working time in a week over 40 hours

Question 8

What is the definition of allowance?

Accepted Answer

is an amount of earnings not subject to income taxes.

Question 9

What is the definition of exemption

Accepted Answer

a taxpayer can claim for each person who is dependent on that personsincome

Question 10

What is the definition of financially capable?

Accepted Answer

What is the definition of financially capable?

Question 11

the definition of unearned income is is an amount that is subtracted from adjusted gross income

Accepted Answer

True

Question 12

the definition of minimum wage is the lowest hourly wage employers can pay most workers by law?

Accepted Answer

True

Question 13

What is the definition of tax credit?

Accepted Answer

report containing information used to calculate taxes owed by the taxpayer.

Question 14

The definition of are taxes paid by the employee and employer that are used to finance the federal Social Security .

Accepted Answer

True

Question 15

What is the definition of standard deduction?

Accepted Answer

is a fixed amount that may be deducted from adjusted gross income.

Question 16

the difference between a job and a career.

Accepted Answer

a job is a post of employment. The career is an occupation or profession

Question 17

What is a fixed expense?

Accepted Answer

An expense that is equal in amount each budget period

Question 18

What is the definition of taxable deduction?

Accepted Answer

is an amount that is subtracted from adjusted gross income

Question 19

What is the definition of itemized deduction?

Accepted Answer

is an allowed expense that can be deducted from adjusted gross income.

Question 20

What is the definition of taxable income?

Accepted Answer

is the amount on which taxes are calculated

Question 21

What is the definition of tips?

Accepted Answer

money paid for service beyond the payment that is required.

Question 22

Personal financial management begins when an individual receives money.

Accepted Answer

True

Question 23

. Gross income includes only earned income.

Accepted Answer

False

Question 24

the types of organizations of business sole propeation, cooperation.

Accepted Answer

False

Question 25

A(n) _________ is an amount that is subtracted from the taxes an individual owes.

Accepted Answer

tax credit

Question 26

What is the definition of net pay

Accepted Answer

is gross pay minus payroll deductions.

Question 27

What is the definition of Personal financial management?

Accepted Answer

used by individuals to manage limited income to meet personal unlimited

Question 28

The definition of Fixed expenses is money paid for service beyond the payment that is required.

Accepted Answer

False

S2 ch18 quiz

Questions 28

S2 ch18 quiz

Questions 28