personal finance literacy test module 3
We are stewards of our money, but who owns it all?
Our bank
God
We do
Large corporations - ANS-God
Paying taxes is biblical. What did Jesus command the Pharisees to do in Matthew
22:21?
To give all of their money to Caesar
To lie about the amount due to Caesar
To pay what was due to Caesar
To keep any money due to Caesar - ANS-to pay what was due to Caesar
What are some types of taxes that you may pay in your lifetime? Choose all five
answers that are correct. Please do not guess, as incorrect answers are penalized for
this question type.
Sales taxes
Biblical taxes
Social Security taxes
Friendship taxes
Income taxes
Homework taxes
Medicare taxes
Property taxes - ANS-Sales taxes
Social Security taxes
Income taxes
Medicare taxes
Property taxes
Taxes are a ____ opportunity - ANS-stewardship
Paying taxes is a biblical principle. In what book of the Bible does Jesus tell us to render
to Caesar what is Caesar's?
Acts
Proverbs
Jesus did not say this in any book of the Bible.
,Matthew - ANS-Matthew
If you have borrowed money, you owe a ____ to a lender - ANS-debt
____ wages are the wages that are considered pay for work and not benefits otherwise
provided, so the taxable income is equal to or less than a person's gross pay,
depending on any exempt benefits that are not taxed. - ANS-taxable
Which form tells employers how much income tax to withhold from their employees'
pay?
A sticky note
W-4
W-2
WD-40 - ANS-W-4
What age must a person be to receive Medicare benefits provided by the Medicare tax?
49
65
21
70 - ANS-65
Which of the following is true about deductions taken out of a person's paycheck?
Some are used to pay for government services, Social Security, and other societal
needs.
They are all elective.
They are always fun to pay.
They are the same amount for each worker. - ANS-Some are used to pay for
government services, Social Security, and other societal needs.
Which of the following are included in gross pay? Choose the two correct answers.
Please do not guess, as incorrect answers are penalized for this question type.
Overtime pay
Tax refunds
Regular pay - ANS-Overtime pay
Regular pay
_____ pay is the amount of monetary compensation that an employee receives after all
statutory deductions (government-mandated/controlled) and other personal deductions
are withheld and distributed to the designated recipients. - ANS-Net
, Taxes fund programs and services that benefit individual citizens, including all of the
following except:
Health
Golf lessons
Social Services
Welfare - ANS-golf lessons
Taxes provide revenue for which of the following governments?
State
All of these
Local
Federal - ANS-all of these
government ____ payments are paid by the government for interest on borrowed
money. - ANS-interest
What grants Congress the power to establish and collect taxes?
Congress may not establish and collect taxes.
A vote by the majority of the Senate
The Constitution
The current President's opinion on taxes - ANS-the Constitution
a tax _____ is a dollar amount that the IRS allows you to subtract from your adjusted
gross income, making your taxable income lower. - ANS-deduction
If you have any question about the best way to file your taxes, which would be the best
option?
Hire a tax professional, such as an accountant
Ask a high school-aged friend for advice
Call the IRS and demand to speak to the Commissioner of the Revenue
Make an estimate and file your taxes - ANS-Hire a tax professional, such as an
accountant
a tax ___ is a dollar-to-dollar reduction in your actual tax bill. - ANS-credit
All of the following people should receive W-2 forms EXCEPT:
Edgar, who averages 10 hours per week as one of five employees at We Clean Pools
Marcus, who is on salary as a sales representative at a shoe store, working full time
Serena, who is a freelance wedding photographer
We are stewards of our money, but who owns it all?
Our bank
God
We do
Large corporations - ANS-God
Paying taxes is biblical. What did Jesus command the Pharisees to do in Matthew
22:21?
To give all of their money to Caesar
To lie about the amount due to Caesar
To pay what was due to Caesar
To keep any money due to Caesar - ANS-to pay what was due to Caesar
What are some types of taxes that you may pay in your lifetime? Choose all five
answers that are correct. Please do not guess, as incorrect answers are penalized for
this question type.
Sales taxes
Biblical taxes
Social Security taxes
Friendship taxes
Income taxes
Homework taxes
Medicare taxes
Property taxes - ANS-Sales taxes
Social Security taxes
Income taxes
Medicare taxes
Property taxes
Taxes are a ____ opportunity - ANS-stewardship
Paying taxes is a biblical principle. In what book of the Bible does Jesus tell us to render
to Caesar what is Caesar's?
Acts
Proverbs
Jesus did not say this in any book of the Bible.
,Matthew - ANS-Matthew
If you have borrowed money, you owe a ____ to a lender - ANS-debt
____ wages are the wages that are considered pay for work and not benefits otherwise
provided, so the taxable income is equal to or less than a person's gross pay,
depending on any exempt benefits that are not taxed. - ANS-taxable
Which form tells employers how much income tax to withhold from their employees'
pay?
A sticky note
W-4
W-2
WD-40 - ANS-W-4
What age must a person be to receive Medicare benefits provided by the Medicare tax?
49
65
21
70 - ANS-65
Which of the following is true about deductions taken out of a person's paycheck?
Some are used to pay for government services, Social Security, and other societal
needs.
They are all elective.
They are always fun to pay.
They are the same amount for each worker. - ANS-Some are used to pay for
government services, Social Security, and other societal needs.
Which of the following are included in gross pay? Choose the two correct answers.
Please do not guess, as incorrect answers are penalized for this question type.
Overtime pay
Tax refunds
Regular pay - ANS-Overtime pay
Regular pay
_____ pay is the amount of monetary compensation that an employee receives after all
statutory deductions (government-mandated/controlled) and other personal deductions
are withheld and distributed to the designated recipients. - ANS-Net
, Taxes fund programs and services that benefit individual citizens, including all of the
following except:
Health
Golf lessons
Social Services
Welfare - ANS-golf lessons
Taxes provide revenue for which of the following governments?
State
All of these
Local
Federal - ANS-all of these
government ____ payments are paid by the government for interest on borrowed
money. - ANS-interest
What grants Congress the power to establish and collect taxes?
Congress may not establish and collect taxes.
A vote by the majority of the Senate
The Constitution
The current President's opinion on taxes - ANS-the Constitution
a tax _____ is a dollar amount that the IRS allows you to subtract from your adjusted
gross income, making your taxable income lower. - ANS-deduction
If you have any question about the best way to file your taxes, which would be the best
option?
Hire a tax professional, such as an accountant
Ask a high school-aged friend for advice
Call the IRS and demand to speak to the Commissioner of the Revenue
Make an estimate and file your taxes - ANS-Hire a tax professional, such as an
accountant
a tax ___ is a dollar-to-dollar reduction in your actual tax bill. - ANS-credit
All of the following people should receive W-2 forms EXCEPT:
Edgar, who averages 10 hours per week as one of five employees at We Clean Pools
Marcus, who is on salary as a sales representative at a shoe store, working full time
Serena, who is a freelance wedding photographer
