Scenarios of Tax

Scenarios of Tax

12th Grade

10 Qs

quiz-placeholder

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Scenarios of Tax

Scenarios of Tax

Assessment

Quiz

English

12th Grade

Medium

CCSS
7.RP.A.3

Standards-aligned

Created by

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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