RAMSEY CLASSROOM (PERSONAL FINANCE)
CHAPTER 10 INCOME AND TAXES ACTUAL EXAM
COMPLETE SOLUTION
/. Withholdings and deductions are . . . - Answer-Expenses that are taken out of your
paycheck
/.The tax on the purchase of goods or services is called _____________. - Answer-
Consumption tax
/.The money you earn hourly for your time and effort at work is called your
_____________. - Answer-Wages
/.What does the Form W-4 estimate? - Answer-How much tax you'll owe based on your
personal situation.
/.Every American who earns an income must file a _________ each year. - Answer-
Federal tax return
/.When you make ____ money, you will pay _____ in taxes. - Answer-More; more
/.If you work and earn money, you will have to pay taxes. (True or False) - Answer-True
/.When you buy clothes or check out at the grocery store, you will pay _____________.
- Answer-Sales tax
/.A fixed, annual rate of pay that doesn't change by working more or fewer hours is
called ____. - Answer-Salary
/.When someone says they need to file their taxes, they're talking about filling out a
________. - Answer-Federal tax return
/.What is the main IRS form that most Americans use to file their taxes? - Answer-Form
1040
/.Property tax, inheritance tax, estate tax, and gift tax are all examples of __________. -
Answer-Property tax, inheritance tax, estate tax, and gift tax are all examples of
__________.
/.There are two general types of taxes. Taxes on the money you _________ and taxes
on the money you ___________. - Answer-Earn; spend
CHAPTER 10 INCOME AND TAXES ACTUAL EXAM
COMPLETE SOLUTION
/. Withholdings and deductions are . . . - Answer-Expenses that are taken out of your
paycheck
/.The tax on the purchase of goods or services is called _____________. - Answer-
Consumption tax
/.The money you earn hourly for your time and effort at work is called your
_____________. - Answer-Wages
/.What does the Form W-4 estimate? - Answer-How much tax you'll owe based on your
personal situation.
/.Every American who earns an income must file a _________ each year. - Answer-
Federal tax return
/.When you make ____ money, you will pay _____ in taxes. - Answer-More; more
/.If you work and earn money, you will have to pay taxes. (True or False) - Answer-True
/.When you buy clothes or check out at the grocery store, you will pay _____________.
- Answer-Sales tax
/.A fixed, annual rate of pay that doesn't change by working more or fewer hours is
called ____. - Answer-Salary
/.When someone says they need to file their taxes, they're talking about filling out a
________. - Answer-Federal tax return
/.What is the main IRS form that most Americans use to file their taxes? - Answer-Form
1040
/.Property tax, inheritance tax, estate tax, and gift tax are all examples of __________. -
Answer-Property tax, inheritance tax, estate tax, and gift tax are all examples of
__________.
/.There are two general types of taxes. Taxes on the money you _________ and taxes
on the money you ___________. - Answer-Earn; spend
