Taxation Quiz

What is a Sin Tax?

• A tax imposed in respect of the income or profits earned by someone.

• A tax on the sales of certain goods and services.

• A tax on items considered undesirable or harmful.

• A tax taking a larger percentage of income from low-income earners than from high-income earners.

What is a Regressive Tax?

• A tax imposed so that the rate is fixed, with no change as the taxable base amount increases or decreases.

• A tax for the sales of certain goods and services.

• A tax taking a larger percentage of income from low-income earners than from high-income earners.

• A tax in which the tax rate increases as the taxable amount increases.

What is a Capital Gains Tax?

• A tax on the profit from the sale of an investment.

• A tax paid on property owned by an individual or corporation.

• A tax imposed so that the rate is fixed, with no change as the taxable base amount increases or decreases.

• A portion of income that is not subject to tax and can be used to reduce a tax bill instead of itemizing deductions.

What is a Proportional Tax (Flat Tax)?

• A tax in which the tax rate increases as the taxable amount increases.

• A tax imposed so that the rate is fixed, with no change as the taxable base amount increases or decreases.

• A tax on the sales of certain goods and services.

• A tax paid on property owned by an individual or corporation.

What is a Standard Deduction?

• A tax on items considered undesirable or harmful.

• A portion of income that is not subject to tax and can be used to reduce a tax bill instead of itemizing deductions.

• A tax imposed in respect of the income or profits earned by someone.

• A tax for the sales of certain goods and services.

What is an Income Tax?

• A tax imposed in respect of the income or profits earned by someone.

• A tax on the sales of certain goods and services.

• A tax on items considered undesirable or harmful.

• A tax taking a larger percentage of income from low-income earners than from high-income earners.

What is Taxable Income?

• A tax on the profit from the sales of an investment.

• A tax paid on property owned by an individual or corporation.

• A portion of your gross income used to calculate how much tax you owe in a given tax year.

• A tax imposed so that the rate is fixed, with no change as the taxable base amount increases or decreases.

What is a Sales Tax?

• A tax on items considered undesirable or harmful.

• A tax for the sales of certain goods and services.

• A tax taking a larger percentage of income from low-income earners than from high-income earners.

• A tax imposed in respect of the income or profits earned by someone.

What is a Property Tax?

• A tax on the profit from the sales of an investment.

• A tax paid on property owned by an individual or corporation.

• A tax imposed so that the rate is fixed, with no change as the taxable base amount increases or decreases.

• A portion of income that is not subject to tax and can be used to reduce a tax bill instead of itemizing deductions.

What is a Progressive Tax?

• A tax in which the tax rate increases as the taxable amount increases.

• A tax imposed so that the rate is fixed, with no change as the taxable base amount increases or decreases.

• A tax taking a larger percentage of income from low-income earners than from high-income earners.

• A tax for the sales of certain goods and services.