Assessment 1: Income
Understanding Income and Taxes Quiz
Test your knowledge about income, taxes, and career planning with our engaging quiz. Answer a range of questions designed to help you understand the financial aspects of adulthood.
This quiz includes:
- Multiple choice questions on taxes and social security
- Text-based questions to calculate income
- Real-life scenarios to apply your knowledge
. Your abilities include:
The things you do well
Your mental competence
The skill you need to do something
All of the above
Career Planning is done
After high school
In college
Throughout a lifetime
Once in a liftetime
Who pay taxes?
Most people who have a job
Most people who purchase items
Most people who own property
All of the above
What are the three main types of taxes?
Income, sales, and property
Unemployment, sales, and property
Federal income, unemployment, and state
Sales, property, and unemployment
Email:
What is Social Security?
A private insurance system just for the elderly
A free insurance system
The amount of money someone has
None of the above
The purpose of taxes is to
Improve roads
Support government
Pay retirement benefits
All of the above
Who pays into Social Security?
Employees
Self-employed
Employers
All of the above
Federal, Social Security, and Medicare are all types of taxes
True
False
The total amount of earnings made over a one-year-period after all deductions have been taken is known as
Gross annual income
Gross monthly income
Net annual income
Net monthly income
The total amount of earnings made over a month, before any deductions, is known as
Gross annual income
Gross monthly income
Net annual income
Net monthly income
Tina will be working as a lifeguard this summer. She will earn $1,000 per month (a total of $3000 for the whole summer). Tina does not plan to work any other jobs this year. What is Tina's gross annual income?
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