Unit 1 Test

Which is a kind of federal payroll tax? medicare tax sales tax property tax progressive tax

A ___ form must be filled out when someone is hired for a job to determine how much income tax will be withheld.

Which describes a type of tax that people pay on money they earn? flat tax income tax purchase tax progressive tax

Which of these qualify as variable expenses? Check all that apply. clothing purchases loan payment monthly groceries apartment rent cable tv

Which form does an individual use to file taxes? W-4 1040 W-2 1020

Emily is deciding whether to buy the same designer jacket her friends have. The jacket is much more expensive than a similar one from a lesser-known brand. Which questions should she consider before she buys the jacket? Check all that apply. Is advertising influencing her? What are her motivations? Has she compared prices? Is she buying at the right time? Will her sister like the jacket too?

This image shows a sample W-2 form. According to this W-2, how much Social Security tax was withheld from John T. Smith's income for 2012? $1,756.56 $2,567.45 $612.65 $44,567.34

The image shows a sales receipt. Based on the receipt, what is the sales tax rate in Sacramento, California? 6.25 percent 8.5 percent 10 percent 10.85 percent

If having a warranty on a car is important, a person should buy a car that is ___.

David has $90 to spend on sneakers. The sales tax in his state is 6%. Vincent has $95 to spend on sneakers. The sales tax in his state is 9%. Both boys are interested in a pair of sneakers that costs $86. Who will be able to buy the sneakers? David Vincent both neither

A budget should be based on a person's ___ income.

Read the sample advertisement. Lose body fat and feel healthier with our proven supplement, Edgozene! Losing weight is easy with Edgozene! Just take two pills before each meal. You'll start to feel full and won't eat as much. No other diet pill offers what our product does and, if you buy now, you can get two bottles of Edgozene for just $29.95! Which detail is most likely to give consumers a false sense of security about using Edgozene? for a limited time two bottles for $29.95 our proven supplement no other diet pill offers

Read the scenario. Yuri has $100 to spend at the store. He spots a pair of designer jeans with a $98 price tag on them but knows that he can buy three pairs of $30 jeans for about the same price. He still decides to buy the $98 pair. What is most likely Yuri's motivation behind buying the pricier pair? emotional spending confused sense of needs and wants greedy spending conspicuous consumption

This table shows the 2014 tax brackets for single taxpayers. Phung works as a pharmacist in Tampa, Florida. Her income is $116,200 a year. Which statements about Phung's income and tax situation are correct? Check all that apply. Phung will pay 28% of her total income in state taxes. The first $9,075 she makes each year will be taxed at 10%. Portions of Phung's income will be taxed at 10%, 15%, 25%, and 28%. Phung will pay 28% of her total income in federal taxes. After $36,000, Phung's taxable income will experience the greatest tax bracket increase.

The Smith family is deciding whether to buy a new washer or a gym membership. Which is the best example of a wise family spending decision? The father sees a sale on washers and decides to buy one on the spot. The family meets to go over the budget and decide which item to buy. The family meets to discuss desires and decides to finance both items. The mother signs up for the gym and decides to get into shape.

What is the definition of gross income? amount of income saved per year amount earned before deductions amount of tax deducted from income amount received after deductions

The best reason to record income at the top of a budget is: to easily add expenses to it. to know how much money is available. to avoid spending too much money. to see that is is more important than expenses.

The chart shows pricing and payment options for two big items. Which is the best option for people who need the items immediately but cannot pay cash now? choosing installment plans for both items choosing rent-to-own plans for both items saving up enough money before buying either item splitting the items between installment and rent-to-own plans

The best way to research an expensive product is to: visit multiple company websites. watch many television commercials. make a purchase and test it out. read consumer information magazines.