Types of Taxes Flashcard

Front

What is income tax?

Back

A tax imposed on individuals or entities based on their income or profits.

Front

Which of the following is an example of sales tax? A tax imposed on income, A tax imposed on the sale of goods and services., A tax imposed on property, A tax imposed on imports

Back

A tax imposed on the sale of goods and services.

Front

What is property tax?

Back

A tax imposed on the value of a property

Front

Which type of tax is based on the value of a home or land?

Back

property tax

Front

Which type of tax is usually paid by individuals and businesses on their earnings? Options: income tax, excise tax, sales tax, property tax

Back

income tax

Front

What is the purpose of income tax?

Back

To generate revenue for the government

Front

Which type of tax is added to the price of goods and services at the time of purchase?

Back

sales tax

Front

What is the purpose of sales tax?

Back

To generate revenue for the government.

Front

Which type of tax is based on the value of property owned?

Back

property tax

Front

What is the purpose of property tax?

Back

To generate revenue for local governments