Types of Money, Taxes, Businesses

Money that the government collects from people and businesses is called a _____________.

• Income

• Tax

• charge

• estate

This kind of tax is added to a purchase you make at a store.

• Sales Tax

• Income Tax

• Property Tax

• Excise Tax

The ________ Tax is a tax on money that you earn at a job or through investments like stocks.

• Sales

• Income

• Property

• Social Security

Travis county charges tax each year on the house that Jennifer owns. She pays around $6,500 in taxes each year on the house that she owns. What type of tax is this?

• Estate Tax

• Sales Tax

• Income Tax

• Property Tax

What is a business owned and operated by one person?

• Sole Proprietorship
• Partnership
• Corporation

What is a business owned by stockholders/investors but operated by others?

• Sole Proprietorship
• Partnership
• Corporation

What is a business owned and operated by two or more people?

• Sole Proprietorship
• Partnership
• Corporation

What is ONE advantage of a sole proprietorship?

• You make ALL the decisions
• Easy to raise money
• You have to share profits

Which is ONE disadvantage of Sole Proprietorship?

• Less direct control
• Disagreements
• Hard to raise money

What is ONE advantage of a Partnership?

• Someone else can help with decisions, etc.
• Double taxes
• Disagreements