W!SE Taxation
3 years ago
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11 QuestionsShow answers
  • Question 1
    30 seconds
    Q. A term that best best describes your gross pay after taxes are deducted is:
    answer choices
    Take-Home Pay
    Net Worth
    Assets
    Total Revenues
  • Question 2
    30 seconds
    Q. The term that best describes money left over after paying taxes, fixed and other essential living expenses, is:
    answer choices
    Net Pay
    Net Surplus
    Play Money
    Discretionary Income
  • Question 3
    30 seconds
    Q. The amount withheld by an employer from an employee's earnings. Typically includes income taxes, FICA taxes, Group Insurance, Pension Contributions, etc.
    answer choices
    Excise Tax
    Payroll Deductions
    Indirect Tax
    Proportional Tax
  • Question 4
    30 seconds
    Q. A tax paid directly by an individual or organization to the government (property taxes, income taxes)
    answer choices
    Indirect Tax
    Direct Tax
    Net Income
    Sales Tax
  • Question 5
    30 seconds
    Q. A tax paid to the government by one entity (like a business) in the supply chain, but is passed on to consumers as part of the price for the good/service. (sales tax)
    answer choices
    Indirect Tax
    Direct Tax
    Progressive Tax
    Proportional Tax
  • Question 6
    30 seconds
    Q. A form of indirect tax, imposed by the government. Also known as a "consumption tax."
    answer choices
    Income Tax
    Capital Gains Tax
    Progressive Tax
    Sales Tax
  • Question 7
    30 seconds
    Q. Also called "sin taxes," taxes paid on the purchase of goods to encourage or discourage societal behaviors.
    answer choices
    Sales Tax
    Progressive Tax
    Proportional Tax
    Excise Tax
  • Question 8
    30 seconds
    Q. A tax in which the tax rate increases as the taxable amount increases.
    answer choices
    Indirect Tax
    Sales Tax
    Progressive Tax
    Regressive Tax
  • Question 9
    30 seconds
    Q. A tax in which the tax rate decreases as the amount subject to taxation increases.
    answer choices
    Direct Tax
    Proportional Tax
    Regressive Tax
    Progressive Tax
  • Question 10
    30 seconds
    Q. An income tax in which the tax rate is fixed, with no change as the taxable amount increases or decreases.
    answer choices
    Progressive Tax
    Indirect Tax
    Proportional Tax
    Regressive Tax
  • Question 11
    30 seconds
    Q. While we submit our tax filings to the IRS, where do our federal tax dollars actually go? (What department runs the IRS?)
    answer choices
    IRS
    Treasury Department
    The Federal Reserve
    Mr. McKeag (it's a hobby)
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