Unit Test Economics

The cost for a slurpee is 99 cents, but the cashier asked for more money, because of a tax. What type of tax is this?

• Income

• Property

• Sales

Property Tax is-

• Tax on things you buy or purchase

• tax on the house, building or land you own

• tax take out of your paycheck

Money that the government collects from people and businesses.

• Income

• Tax

Why do we need to pay taxes?

• To collect money to run the government,

• To collect money to buy a car.

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

• Proportional Taxes

• Progressive Taxes

• Tax Evasion

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

• Progressive Taxes

• Revenue

• Regressive Taxes

Federal Income tax is a _______tax. (use the powerpoint for clues, don't miss this question)

• proportional

• flat

• progressive

IRS stands for what when talking about taxes?

• Internal Revenue Service

• Individual Return System

• I'm Really Sorry

When people pay the same percentage regardless of income it is

• a progressive tax

• a proportional tax

• a regressive tax

Tax on the total value of an individual's money and property when they die and it is given to other living family members.

• Gift tax

• Corporate tax

• Estate tax