Income and Taxes

What are taxes?

• Voluntary contributions to a government

• Required payments to a government

• Optional fees for government services

• Penalties imposed by a government

What is income tax?

• A tax on purchases of goods and services

• A tax on property ownership

• A portion of one’s personal income paid to a government

• A tax on business profits

What is Social Security?

• A) A private insurance system that provides benefits only to employed Americans.

• B) A social insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.

• C) A healthcare program available to all Americans regardless of age.

• D) A retirement savings plan that individuals contribute to independently of the government.

Who is eligible for Medicare?

• A) All Americans regardless of age.

• B) Only Americans who are employed and under the age of 65.

• C) Americans who are retired and have a minimum income.

• D) Almost all Americans age 65 and over.

What is one of the uses of property tax?

• Entertainment industry

• Human services, health care

• Private business subsidies

• International aid

Which of the following is funded by property tax?

• State and/or local government

• Private sector research and development

• Personal home renovations

• Overseas military bases

Property taxes help to support which of the following community services?

• Shopping malls

• Police, jails, courts

• Video game development

• Private gyms

Which area of public infrastructure is maintained through property tax revenues?

• Transportation

• Private toll roads

• Amusement parks

• Residential lawns

Property taxes are used to fund which of the following educational institutions?

• Private tutoring services

• Colleges, schools, libraries

• Corporate training programs

• Online course platforms

What does GAI stand for in financial terms?

• General Asset Increase

• Gross Annual Income

• Government Assisted Income

• Gross Asset Index