Consumer Economics Quiz

What is Consumer Price Index?

How long do you need to work to be eligible for Social Security?

Which of the following forms does not include dependents.

What does FICA stand for?

Who can count as a dependent?

What is tax money used for?

Sales Tax is an example of direct tax

True or False: Overtime wages are taxed.

Which of the following is an asset?

What percentage of your paycheck is taken out for medicare

A car payment is a ________

What dictates the price of a product and or service?

What is Tax Credit?

Outstanding student debt is a ___ on your ___

What is the formula for net worth

What form do you use if you have self employment income?

True or False: North Korea is a Market Economy

What type of income do you take home?

What are discrete expenses?

What Economic system does the US currently use?

Business Cycle

Budgeting food expenses for the month is a ______ expense

How often are you supposed to update your budget?

What is fiscal policy?

When investing money, do you want a high or low interest rate?

This form is sent to you and the IRS

True or False: W-4 is Employee's withholding Allowance Certificate?

What happens with regressive tax?

What is the Federal Reserve

The type of tax that is paid directly to government by taxpayers

What is an itemized deduction?

What is withholding?

What expenses can be cut down on if you go over budget?

What does a balance sheet show?

If you montly income is $5000 and you have 10% in taxes, what is your gross income?

What is a tax deduction?

Which of the following is a characteristic of the market economy?

True of False: Examples of regressive tax include medicare and federal tax.

To pay as you go means to keep a portion of payments made to employees and other businesses.

What is a balance sheet?