ECON TEST UNIT 2

As taxable income increases, income tax rates______

Increase

An individual who teaches for Stafford county schools is said to work in the ___

Public sector

Which of the following workplace trends allows flexibility for employees in work hours?

Flextime

The property tax is an example of which type of tax?

Proportional

The tax form is filled out as a part of new-hire paper work to determine the amount of taxes withheld from an individual’s paycheck

W-4

The money given back to the tax payer if they have over paid taxes for the year is known as the tax ___

Refund

Training employees to be efficient in more than one skill is called ___

Job rotation

Overtime is calculated as ____

“A time and a half”

A corporate attorney is an example of ____ worker.

White collar

The American Dental Association is an example of the following?

A professional organization

Wages are ____?

Hourly earrings

Which US federal agency controls our Nations Monetary Policy?

The Federal Reserve System

Married and filing jointly is a example of an____

Filling Status

An examination of tax returns by the IRS is called ____

An audit

Stipends are ____

One time lump sum payments

Which US department works with the IRS to control our Nations fiscal Policy?

The US Treasury Department

Mandatory deductions from a person’s paycheck include _____

Federal withholding tax and FICA

A persons net worth is calculated as follows:

Assets - Liabilities = Net worth

Which tax form is used to file your income taxes to determine if you have earned a refund or if you owe the IRS?

Form 1040

Time off, insurance, bonuses and alternative work schedules are all examples of ____

Benefits

Socially security and Medicare make up an employee’s ____ deductions.

FICA

A person has a net worth of $5,000 and has assets totaling $7,000. how much does the person have in liabilities ( Totaling - assets)

$2,000

Which is NOT a major function of Labor unions?

Administer exams and accreditations

A sales tax is an example of a ____

Regressive tax

An individual who works in management for Walmart is said to work in the ___.

Private sector

Which of the following id not part of taxable income?

Child support

For 2025, the standard deduction for a single taxpayer is a valued at ____

$15,000

Social security and Medicare are deductions from our gross pay also known as ____ deductions

FICA

Willful failure to pay taxes is a crime known as ___

Tax evasion

The right of a person hired to be a fired last is called ____

seniority

Which tax form reports income from wages, tips and/or salary?

W-2

Which of the following is the following is the primary source of income for young professionals?

Wages, tips and salaries

What type of income is used to look up your “tax” in tax table?

Taxable

Which of the following

Divorced person

An auto mechanic is an example of an ____

Blue worker