Chp 10: Income & Taxes Review

Each year, taxpayers submit a(n) ______ to the IRS with the goal of getting as close to zero as possible.

• sales tax

• fiscal year

• tax return

• standard deduction

• earned income

Due to the 2018 tax reforms, most tax filers can just take the _______ when filing their taxes.

• sales tax

• fiscal year

• tax return

• standard deduction

• earned income

The taxes you pay for snacks and other items at a gas station are an example of _______.

• sales tax

• fiscal year

• tax return

• standard deduction

• earned income

___________ is money you make from working at your job.

• sales tax

• fiscal year

• tax return

• standard deduction

• earned income

The 12-month period used for reporting financial activity is known as a(n) __________.

• sales tax

• fiscal year

• tax return

• standard deduction

• earned income

An example of a(n) ___________ is the taxes you pay on the fuel you purchase for your car at a gas station.

• inheritance tax

• portfolio income

• excise tax

• audit

• deficit spending

If a long-lost relative or friend were to leave you a lot of money, you might have to pay a(n) ____________.

• inheritance tax

• portfolio income

• excise tax

• audit

• deficit spending

Planning to spend more money than you actually have coming in is called _______.

• inheritance tax

• portfolio income

• excise tax

• audit

• deficit spending

_______________ is money you make from your investments.

• inheritance tax

• portfolio income

• excise tax

• audit

• deficit spending

THe IRS may conduct a(n) _____________ of a person's tax return to check the accuracy of the figures.

• inheritance tax

• portfolio income

• excise tax

• audit

• deficit spending