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Financial Literacy Test Review Flashcards | StudBud
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Financial Literacy Test Review
Financial Literacy Test Review
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1
Willful failure to pay taxes is defined as which of the following?
Tax escape
Voluntary Compliance
Tax evasion
Tax credit
2
Which of the following would be a liability?
Car loan
Stereo
Car
Savings account
3
Property taxes are an example of which tax category?
Regressive
Progressive
Proportional
Evaluative
4
A house payment and car payment are examples of:
Fixed expenses
Variable expenses
5
What is another name for Social Security?
State Income Tax
FICA
Medicare
Federal Tax
6
Money left to spend or save after required expenses:
Reliable income
Fixed income
Disposable income
Direct income
7
Federal program that provides health ins to 65+ and under 65 with certain disabilities
Social Security
Disability
FICA
Medicare
8
A spending and savings plan based on your expected income and expenses:
Budget
Liability
Asset
9
Items that are subtracted from your paycheck?
Deductions
Minuses
Take aways
Subtractions
10
Definition of an asset:
Car
House
Cash
Anything of value
11
Gross pay refers to:
Amount you receive before employer takes out deductions
Amt you make on yearly basis
Amount you receive after your employer takes out deductions
Amt owed after you've worked an hourly or salaried position
12
As your income increases, your taxes decreases is an example of which tax:
Progressive Tax
Proportional Tax
Regressive Tax
Evaluative Tax
13
Lunches, medical bills, personal care items, and clothing are examples of:
Fixed expenses
Investments
Income
Variable expenses
14
As your income increases, the more taxes you pay is an example of which type of tax?
Regressive
Evaluative
Proportional
Progressive
15
When the IRS sends a certified letter to you which of the following audit would this be?
Field audit
Correspondence audit
16
Which of the following is an example of a voluntary deduction?
FICA
Health Insurance
Federal Income Tax
State Income Tax
17
What is another name for take home pay?
Net Pay
Subtracted pay
Leave pay
Tax pay
18
An IRS audit that results in an IRS Agent knocking on your door for questioning?
Face-to-face Audit
Correspondence Audit
Field Audit
Live Audit
19
When the responsibility is put on us to ensure we're paying taxes and filing our returns?
Tax escape
Tax evasion
Voluntary compliance
Tax credit
20
Which of the following is
NOT
considered a required deduction?
Savings Deposit
Federal income tax
State tax
Social Security Tax
