Honors Econ - Financial Literacy - Taxes, Social Security and National Debt

Question 1

The total amount of earnings made over a one-year period after all deductions...

Accepted Answer

Net Annual Inc.

Question 2

Medicare covers health expenses for almost all Americans age ___ or older

Accepted Answer

65

Question 3

During a recession property values and property taxes will

Accepted Answer

Decrease

Question 4

Can people use your Social Security number to steal your identity?

Accepted Answer

Yes

Question 5

What does the government use to keep track of you and your earnings?

Accepted Answer

Social Security Card

Question 6

The FICA tax is collected for Medicare and

Accepted Answer

Social Security

Question 7

If you make $1M or make $20, 000, you pay 13% of your income

Accepted Answer

Proportional

Question 8

Since 1965, the Social Security Administration is responsible for

Accepted Answer

Medicare

Question 9

Who pays for unemployment benefits?

Accepted Answer

Former Company

Question 10

What taxes fund local education?

Accepted Answer

Property Tax

Question 11

Income Taxes in the US are

Accepted Answer

Progressive Tax

Question 12

The Internal Revenue Service (IRS) is in charge of

Accepted Answer

Collecting Taxes

Question 13

Taxes fund the following programs

Accepted Answer

All of these

Question 14

A sales tax is a ___ Tax

Accepted Answer

Regressive

Question 15

What provides benefits for retirement and the disabled?

Accepted Answer

Social Security

Question 16

Social Security benefits are given to all U.S. citizens.

Accepted Answer

False

Question 17

Our National Debt started in __ to ___.

Accepted Answer

1776 - present

Question 18

On which of the following is a "sin tax" collected?

Accepted Answer

All Three

Question 19

When you make more money you pay more taxes is a ___ tax

Accepted Answer

Progressive

Question 20

What is the penalty for not paying your taxes?

Accepted Answer

Both

Question 21

When are taxes due?

Accepted Answer

April 15th

Questions 21