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Understanding Taxes: A Historical and Practical Overview

Authored by Allison Haby

Other

8th Grade

18 Questions

Used 2+ times

Understanding Taxes: A Historical and Practical Overview
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1.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Who famously stated that death and taxes are the only certainties in life?

Alexander Hamilton

Thomas Jefferson

Benjamin Franklin

George Washington

2.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is a progressive tax?

A tax that decreases as income increases

A tax that increases as income increases

A tax that remains the same regardless of income

A tax only on purchases

3.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What percentage of gross income is typically paid for payroll taxes?

12.4%

15.3%

7.65%

10%

4.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is the main purpose of sales tax?

To reduce consumer spending

To fund private enterprises

To pay for public services

To increase property values

5.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Which type of tax is not usually applied to basic groceries?

Property tax

Excise tax

Sales tax

Income tax

6.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is considered a prepared food for tax purposes?

Frozen vegetables

Canned soup

Rotisserie chicken

Uncooked rice

7.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is a capital gains tax applied to?

Salary from a job

Rental income

Profit from investments

Purchases of essential goods

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