6GT1
Instructions:
Read each question slowly and purposefully before attempting to answer the question. All questions require 1 to 5 correct responses. In order to get credit for a correct response, all correct answers must be marked, and no incorrect marks added. The only sheet that should be written on is your answer sheet. Should you require an additional piece of paper or any other assistance, raise your hand and ask the teacher. On your answer sheet, make sure you write your first and last name, your class, and which test you are completing.
NO NOTES OR RESOURCES ARE TO BE USED FOR THIS ASSESSMENT
other than your personal knowledge of the content
1) Which of these are key words/phrases within the definition of sales tax?
A. local government
B. services
C. directly
D. added to
E. income
F. federal government
G. goods
H. taken from
2) Which of these are key word(s) in the definition of Net Pay?
A. taxation
B. spendable money
C. after
D. before
E. money earned
3) What is the current minimum wage? (ONE)
A. $5.25
B. $7.00
C. $7.25
D. $7.50
E. $9.00
4) If a laptop were to break, Mr. Z could fix it. This is an example of:
A. a purchase
B. human capital
C. a consumer
D. a good
E. a service
5) Which tax type uses brackets to determine how much tax one must pay? (ONE)
A. Income Tax
B. Sales Tax
C. Inheritance Tax
D. Property Tax
E. Payroll Tax
6) Which of these are key words/phrases within the definition of Salary:
A. per job
B. per hour
C. talents
D. human capital
E. skills
F. per day
G. per month
H. abilities
I. money earned
J. human resource
7) Mathematics, knowledge, understanding, and strength are all an example of:
A. human resource
B. talent
C. skills
D. human capital
E. abilities
8) Which of these are key words/phrases within the definition of Services?
A. own
B. need
C. touch
D. action
9) Which of these are key words/phrases within the definition of Scarcity?
A. rare
B. human capital
C. not enough
D. demand
E. consumers
10) Which of the following charges the most income tax? (ONE)
A. state
B. local
C. county
D. national
E. federal
11) What are the two types of income tax? (TWO)
A. state
B. local
C. county
D. national
E. federal
12) A consumer is
A. one who spends money
B. one who uses goods
C. one who uses services
D. one who earns money
13) If you bought a new pair of shoes in Lincoln, where would the tax from the purchase go?
A. Grand Island
B. Lincoln
C. Federal Government
D. Hall County
E. Nebraska
14) Which of these are key words/phrases within the definition of Wages?
A. per hour
B. money earned
C. goods
D. skills
E. service
F. per day
G. human capital
H. per month
I. abilities
J. per job
15) Which of these are key words/phrases within the definition of Gross Pay?
A. after
B. taxation
C. before
D. spendable money
E. money earned
16) Which of these are key words/phrases within the definition of Goods?
A. buy it
B. physical
C. own
D. need
E. want
17) What does “$38,000” in the following math problem represent?
$38,000
- $7,000
$31,000
A. net pay
B. human resource
C. wages
D. human capital
E. gross pay
F. income
18) Which of these are key words/phrases within the definition of Unemployment?
A. have a job
B. goods and services
C. not looking for work
D. looking for work
E. don’t have a job
19) Which of the following is an example of a good?
A. trash can
B. Husker game ticket
C. a football
D. a kleenex
E. one of your dvd movies
20) Which of these are key words/phrases within the definition of Income Tax:
A. added to
B. directly
C. taken from
D. income
E. federal government
F. goods
G. local government
H. services
21) Which of these are key words/phrases within the definition of Economics:
A. cycle
B. money
C. earning
D. your
E. understanding
22) Four students using one calculator is an example of:
A. unemployment
B. scarcity
C. economics
D. consumer
23) Which of these are key words/phrases within the definition of Financial Literacy?
A. cycle
B. money
C. earning
D. your
E. understanding
24) Which of the following are not unemployed?
A. a work-from-home dad
B. a full time college student
C. stay at home moms
D. a retired grandfather
25) Which of these are keywords/phrases within the definition of Income?
A. human capital
B. 1 year
C. 1 month
D. money earned
E. 1 day
F. skills
G. 1 hour
H. goods
I. services
J. human resource
To finish, duplicate your answers into this Google Form:
https://docs.google.com/a/gips.org/forms/d/1k2hu7qNqdR2xYltJkj7qLUwlX_nykG0C-Ri7EBxfbiE/viewform