Understanding Taxes Quiz

What are the three basic types of taxes?

• Taxes on what you spend, taxes on what you earn, and taxes on what you invest

• Taxes on what you spend, taxes on what you save, and taxes on what you invest

• Taxes on what you buy, taxes on what you sell, and taxes on what you save

• Taxes on what you buy, taxes on what you earn, and taxes on what you own

Which type of tax is paid by the consumer when buying goods and services?

• Property taxes

• Income taxes

• Sales taxes

• Estate taxes

Which type of tax is a tax paid on many sources of income you might earn?

• Property taxes

• Estate taxes

• Income taxes

• Sales taxes

Which type of tax generates revenue at a local level?

• Estate taxes

• Property taxes

• Income taxes

• Sales taxes

How can understanding each tax type help you make better decisions?

• Deciding which job to take

• Deciding where to live

• Deciding how to vote

• All of the above