Financial Literacy-Unit 1

Question 1

What employee benefits are not required by law?

Accepted Answer

Retirement (401K)

Question 2

This form is filled out after you take a new job and informs the business how much in taxes should be witheld.

Accepted Answer

Form W4

Question 3

The Internal Revenue Service's function is to?

Accepted Answer

All of These

Question 4

Which of the following would be an unexpected life expense?

Accepted Answer

Cancer Treatments

Question 5

This is sent by your employer stating your yearly accumulated earnings plus taxes withheld from your paycheck.

Accepted Answer

Form W-2

Question 6

An example of a paycheck deduction is:

Accepted Answer

Retirement Account

Question 7

The form used by individuals to file taxes is called?

Accepted Answer

1040

Question 8

A flat amount that the tax system lets you deduct from your adjusted gross income.

Accepted Answer

Standard Deduction

Question 9

What is the difference between a bachelors degree and an associates degree?

Accepted Answer

Bachelor degrees require more credits

Question 10

Only accountants are permitted to use tax preparation software to prepare and file taxes.

Accepted Answer

FALSE

Question 11

Which is typically the most expensive life goal?

Accepted Answer

Child Cost

Question 12

The date that taxes must be filed if not on a weekend:

Accepted Answer

April 15

Question 13

A tax that is used to limit the use of a product:

Accepted Answer

Excise

Question 14

Individuals and businesses are required to file a tax return on

Accepted Answer

April 15

Question 15

All citizens are responsible for preparing and filing taxes by the due date, this is known as?

Accepted Answer

Voluntary Compliance

Question 16

When all sources of an individual's taxable income is added together.

Accepted Answer

Total Income

Question 17

People who depend on you for more than half of their living expenses are called?

Accepted Answer

Dependents

Question 18

Income from an individual's job is known as?

Accepted Answer

Earned Income

Question 19

An examination of a tax return is called?

Accepted Answer

An audit

Question 20

The date that employers are required to send your W2 to you:

Accepted Answer

January 31

Question 21

You must pay sales tax on all of the following except:

Accepted Answer

milk

Question 22

To WILLFULLY and INTENTIONALLY fail to pay taxes is known as?

Accepted Answer

Tax Evasion

Questions 22