Taxes

Who primarily uses our tax money? (hint: choose 2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

What types of taxes contribute to Federal tax revenue? ( hint: choose 4 correct answers :)

• Corporate Income Tax

• Income Tax

• Estate Tax

• Excise Tax

Where does the largest share of federal tax revenue come from?

• Corporate taxes

• General sales taxes

• Individual income taxes

• Property taxes

Which of the following do homeowners pay based on the value of the residence?

• Corporate taxes

• General sales taxes

• Individual income taxes

• Property taxes

What generally happens when incomes rise?

• Business tax revenues increase.

• Income tax revenues decrease.

• Household expenditures remain unchanged.

• Income tax revenues increase.

What best refers to an expense that a person uses to calculate a reduction in taxable income?

• Horizontal equity

• Pay-as-you-earn

• Tax deduction

• Vertical equity

What is paid to discourage the purchase of goods that do not promote consumers’ health?

• Excise tax

• Luxury tax

• Sin tax

• User tax

Takes a larger share of one's income as the amount of income grows is

• Proportional Taxes

• Progressive Taxes

• Tax Evasion

• Tax

Takes a smaller share of one's income as the amount of income grows is

• Progressive Taxes

• Revenue

• Regressive Taxes

• Evasion

A tax rate is applied to an income range, or

• Progressive Taxes

• Tax Bracket

• Other Taxes

• Tax Credit