Economics: Personal Finance 3

What tax provides the largest source of revenue for the federal government?

• federal income tax

• sales tax

• property tax

• tariffs

As your income goes up the percentage of taxes you pay goes up (what type of tax?)

• Progressive tax

• Proportional tax

• Regressive tax

• None of the aove

As your income goes up, the percentage of income spent on taxes goes down.

• progressive tax

• proportional tax

• regressive tax

• none of the above

the flat tax is an example of what type of tax?

• progressive tax

• proportional tax

• regressive tax

• None of the above

A sales tax is an example of what type of tax?

• progressive tax

• proportional tax

• regressive tax

• none of the above

Which type of tax hurts low income earners?

• progressive tax

• proportional tax

• regressive tax

• none of the above

Which type of tax is based on the ability to pay and hurts high income earners?

• progressive tax

• proportional tax

• regressive tax

• none of the above

A sales tax of seven cents is added to every gallon of gasoline sold. What type of tax would this be?

• progressive tax

• proportional tax

• regressive tax

• None of the above

Tax placed on the value of possessions after somebody dies

• sin tax

• estate tax

• excise tax

• regressive tax

This is a tax that you pay on almost everything you buy (except for most groceries).

• excise tax
• sales tax
• tariff
• progressive