Taxes- Economics and Personal Finance

_____is defined as a required payment of money to governments that are used to provide public goods and services for the benefit of the community as a whole

How many types of taxes are there in the US?

• 6

• 9

• 10

• 7

A tax that is commonly used by states and local government to raise revenue is?

• Travel Tax

• Sin Tax

• Sales Tax

• Capital Gains Tax

A government-mandated transport tax for travelers in the US

• Sin Tax

• Capital Gains Tax

• Travel Tax

• Inheritance/ Estate Tax

Paid on the transfer of properties from a deceased person to his heirs

• Inheritance/Estate Taxes

• Payroll Tax

• Property Tax

• Value-Added Tax

The percentage of an employee's salary that is remitted to the government

• Value-Added Tax

• Property Tax

• Payroll Tax

• Capital Gains

Real Estate Property Taxes and Personal Property Taxes are both types of Property Taxes? True or False

• True

• False

Which of the following are examples of Payroll Taxes? Choose all that apply

• Payroll Taxes

• Medicare

• Medicaid

• Income Tax

A tax rate that increases as income increases

• Progressive Tax

• Regressive Tax

• Proportional Tax

Same rate for everyone

• Progressive Tax

• Regressive Tax

• Proportional Tax