Personal Finance

"The more you make the more they take" or as your income goes up the percentage of taxes you pay goes up.

• Progressive Tax

• Proportional Tax

• Regressive Tax

• None of the Above

As your income goes up, the percentage of income spent of taxes goes down. (Some consider this a "poor" tax"

• 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 kind of tax?

• 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

What tax does everyone have to pay (including criminals, illegal immigrants, etc)

• Sales Tax

• Income Tax

• Proportional Tax

• None of the Above

Roughly draw a simple decision making matrix.

If you won the lottery, what would you do with the money?

• Pay off any debts for myself or family/friends.

• Place half in safe investments to insure I have a stable income for future years.

• Buy all the things I always wanted.

• Hire a lawyer and financial advisor to help me plan my future.

What does FAFSA stand for? (It is an acronym)

Which of the following information will you need to fill out a FASFA?

• Social Security Number

• Copy of your Birth Certificate

• Federal Income Tax Returns

• A Teacher Recommendation Letter