Chapter 14 Economics: Taxes And Government Spending Trivia

40 Questions | By Dpennington | Updated: Mar 20, 2022 | Attempts: 820

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Chapter 14 Economics: Taxes And Government Spending Trivia - Quiz

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