Chapter 14 Economics: Taxes And Government Spending Trivia

40 Questions | Total Attempts: 731

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Chapter 14 Economics: Taxes And Government Spending Trivia

The quiz below is based on chapter 14 from economics on Taxes and government spending. We know that the major way in which a government obtains revenue from its citizens is through taxation and this being said there are a set of laws that govern how things are taxed and how the tax should be used. Take this test and see how well you understood the topic.


Questions and Answers
  • 1. 
    (of persons) freed from or not subject to an obligation or liability (as e.g. taxes) to which others or other things are subject
    • A. 

      Allowances

    • B. 

      Benfits

    • C. 

      Deductions

    • D. 

      Exempt

  • 2. 
    A unique nine digit number issued by the federal government that is required for all workers
    • A. 

      Social Security #

    • B. 

      Merchandising #

    • C. 

      Federal Identification #

    • D. 

      Employee #

  • 3. 
    (of persons) freed from or not subject to an obligation or liability (as e.g. taxes) to which others or other things are subject
    • A. 

      Deductions

    • B. 

      Allowances

    • C. 

      Exempt

    • D. 

      W4

  • 4. 
    A unique nine digit number issued by the federal government that is required for all workers
    • A. 

      Inmate #

    • B. 

      Social Security #

    • C. 

      Employee Identification #

    • D. 

      Federal Tax #

  • 5. 
    In 1935, guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health
    • A. 

      Social Security

    • B. 

      Pension Plan

    • C. 

      Sales Tax

    • D. 

      Income Tax

  • 6. 
    A statement of an individual's annual wages and taxes provided by an employer that must be included with the employee's federal, state, and city income tax returns.
    • A. 

      1040EZ

    • B. 

      W4

    • C. 

      1099

    • D. 

      W2

  • 7. 
    W-2 form should be given to all employees before what date each year?
    • A. 

      Jan. 31st

    • B. 

      Feb 15th

    • C. 

      April 15

    • D. 

      March 31st

  • 8. 
    When is the last day you can send in federal income tax forms?
    • A. 

      Jan. 31st

    • B. 

      Feb 15th

    • C. 

      April 15

    • D. 

      March 31st

  • 9. 
    Regulates wages and hours by entitling covered employees to (1) a specified minimum wage whose amount changes over time, and (2) time-and-a half rate for work exceeding 40 hours per week.
    • A. 

      SOCIAL SECURITY ACT

    • B. 

      EMPLOYMENT ACT

    • C. 

      FAIR LABOR STANDARDS ACT

    • D. 

      THE MR PENNINGTON ACT

  • 10. 
    The Social Security act was adopted in what year?
    • A. 

      1945

    • B. 

      1938

    • C. 

      1935

    • D. 

      1920

  • 11. 
    Who Signed the Social Security Act into law?
    • A. 

      President Regan

    • B. 

      President Bush

    • C. 

      Franklin D. Roosevelt

    • D. 

      John F Kennedy

  • 12. 
    Government payments to those who recently lost their jobs through no fault of their own.
    • A. 

      Pension

    • B. 

      Unemployment Compensation

    • C. 

      Social Security

    • D. 

      Medicare

  • 13. 
    A minimum price that an employer can pay a worker for an hour of labor
    • A. 

      Low Wages

    • B. 

      Overtime

    • C. 

      Minimum Wage

    • D. 

      Salary

  • 14. 
    How many hours is standard work week
    • A. 

      50

    • B. 

      35

    • C. 

      38

    • D. 

      40

  • 15. 
    Additional compensation based on hours worked in excess of a maximum during a given period. In the U.S., it is usually awarded for time worked in excess of 40 hours per week, and usually at a rate equivalent to 1 ½ times the regular wage.
    • A. 

      Overtime

    • B. 

      Bonus

    • C. 

      Salary

    • D. 

      Minimum Wage

  • 16. 
    A legal term that imposes responsibility for damages regardless of the existence of negligence.
    • A. 

      Negligence

    • B. 

      Liability without Fault

    • C. 

      Disability

    • D. 

      Workers Comp.

  • 17. 
    A form of insurance paid by the employer providing cash benefits to workers injured or disabled in the course of employment.
    • A. 

      Disability Income

    • B. 

      Unemployment Ins.

    • C. 

      Workers Comp Insurance

    • D. 

      Social Security

  • 18. 
    The total amount of an employee's earnings before deductions are taken out
    • A. 

      Gross Pay

    • B. 

      Net Pay

    • C. 

      Deductions

    • D. 

      Benefits

  • 19. 
    Amounts subtracted from your gross pay.
    • A. 

      Gross Pay

    • B. 

      Net Pay

    • C. 

      Deductions

    • D. 

      Benefits

  • 20. 
    Amount of income left after taxes and deductions have been taken out.
    • A. 

      Gross Pay

    • B. 

      Net Pay

    • C. 

      Deductions

    • D. 

      Benefits

  • 21. 
    Are sometimes part of compensation packages provided by employers for employees. Human Resources Managers are responsible for managing compensation packages for employees.
    • A. 

      Gross Pay

    • B. 

      Net Pay

    • C. 

      Deductions

    • D. 

      Benefits

  • 22. 
    A program that allows employees to share in the profits of a company based on the profitability of the company and an allocation formula determining each employee's share.
    • A. 

      Pension

    • B. 

      Leave of Absence

    • C. 

      Perks

    • D. 

      Profit Sharing

  • 23. 
    Extra advantages or benefits of working in a specific job that may or may not be commonplace in that particular profession; a shortened form of perquisites.
    • A. 

      Pension

    • B. 

      Leave of Absence

    • C. 

      Perks

    • D. 

      Profit Sharing

  • 24. 
    A fixed sum paid regularly by an employer to an employee after retirement.
    • A. 

      Pension

    • B. 

      Leave of Absence

    • C. 

      Perks

    • D. 

      Profit Sharing

  • 25. 
    When employee allows you to leave your job, without pay, for a period time and your guaranteed to have your job back.
    • A. 

      Pension

    • B. 

      Leave of Absence

    • C. 

      Perks

    • D. 

      Profit Sharing

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