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Personal Finance Chapters 6 & 7 Test C
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To compute your tax liability, turn to the tax tables and look up the amount called *
Profit sharing is an employee benefit required of all employers. *
A(n) _____ tax allows a higher-income person to pay a lower percentage of income in taxes than a lower-income person. *
College tuition is an example of a(n) *
As an alternative to itemizing deductions, taxpayers may *
The American Bar Association is a professional organization for lawyers and doctors. *
Which of these is a form of flat tax? *
When two people share what was originally a full-time position, it is called _______. *
Responsibility for preparing and filing tax returns rests with the individual; this principle is known as voluntary compliance. *
Alimony is taxable to the person receiving it and is deductible to the one paying it. *
Money received in the form of wages, tips, salaries, or interest is taxable income. *
A type of tax that is based on the value of property owned is called *
Overtime wages are 1 1/2 times the regular rate of pay. *
The income tax is an example of a progressive tax. *
The major function of labor unions is *
Teachers and police officers would belong to a(n) ______ union.
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The major function of unions is _____, which is the process of getting together with employers to negotiate an employment contract. *
In order to avoid itemizing deductions, a person may elect to take the _____, which is a flat amount allowed taxpayers depending on filing status and subtracted from adjusted gross income. *
Which of these is NOT considered a required deduction? *
_______ is a technique used to train employees to be efficient in more than one specialized area. *
A group of people working in the same or similar occupations, organized for the benefit of all, is a(n) _____. *
If the regular rate of pay is $5 and hour, the overtime rate is $7.50 an hour. *
Tax returns must be filed by _________ of the following year. *
A decison made by a neutral third party is called *
Tax that increases as  income increases is a type known as _____tax. *
Only a married person is considered a head of household. *
A tax on specific products and services is the _________ tax. *
Varying working schedules among employees is known as _____. *
A company plan whereby employees receive a portion of the earnings of the company is called *
Some types of deductions may be withheld from your paycheck without written consent. *
Expenses that can be subtracted from gross income are called _______. *
Net pay is the result when you subtract deductions from gross pay. *
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