
Scenarios of Tax

Quiz
•
English
•
12th Grade
•
Medium
Standards-aligned
NIKKI CUNNINGHAM
Used 9+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a tax deduction?
A tax deduction is an amount added to your income before calculating the amount of tax you owe.
A tax deduction is a penalty imposed on individuals for not paying taxes on time.
A tax deduction is a type of investment that guarantees a return on your tax payments.
A tax deduction is an amount subtracted from your income before calculating the amount of tax you owe.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Give an example of a tax exemption.
Personal income
Sales of goods
Real estate properties
Charitable organizations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is taxable income calculated?
Multiply deductions and exemptions by gross income
Subtract deductions and exemptions from gross income
Divide deductions and exemptions by gross income
Add deductions and exemptions to gross income
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the different tax filing statuses?
Single with Dependents
Divorced Filing Separately
Single, Married Filing Jointly, Married Filing Separately, Head of Household, Qualifying Widow(er) with Dependent Child
Widowed Filing Jointly
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of standard deduction in taxes.
Standard deduction is a penalty imposed on taxpayers.
Standard deduction is a variable amount that increases the income on which you are taxed.
Standard deduction is a fixed amount that reduces the income on which you are taxed, simplifying the tax filing process.
Standard deduction is only applicable to certain types of income.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What types of expenses can be considered for tax deductions?
Mortgage interest, medical expenses, charitable contributions, certain business expenses
Grocery expenses, entertainment costs, personal purchases
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a tax credit and a tax deduction?
A tax credit is only available to individuals, while a tax deduction is only available to businesses.
A tax credit is a one-time benefit, while a tax deduction is a recurring benefit.
A tax credit directly reduces the amount of tax you owe, while a tax deduction reduces the amount of your income that is subject to tax.
A tax credit increases your taxable income, while a tax deduction decreases it.
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