Taxes Vocabulary Quiz

Definition: A tax on the value of a property.

• Property Tax

• Income Tax

• Sales Tax

• State Tax

Definition: A tax in which the average tax rate is the same at all income levels.

• Progressive Tax

• Proportional Tax

• Special Local Option Sales Tax (SPLOST)

• Excise Tax

Definition: A tax on a sale of merchandise or services.

• State Tax

• Property Tax

• Payroll Tax

• Sales Tax

Definition: tax on earnings

• Property Tax

• Income Tax

• State Tax

• Sales Tax

Definition: a required payment to a local, state, or national government

• Interest

• Audit

• Insurance

• Tax

Definition: Tax imposed by the municipal or local government

• Federal Tax

• State Tax

• National Tax

• Local Tax

Definition: A federal program of health insurance for persons 65 years of age and older.

• Medicare

• Social Security

• Welfare

• Medicaid

Definition: Tax levied on income at the state level.

• Sales Tax

• Local Tax

• State Tax

• Federal Tax

Definition: Local governments can levy a one percent tax to fund capital investments, for example, school repairs, transportation projects, and more.

• Special Local Option Sales Tax (SPLOST)

• General Fund Allocation (GFA)

• State Income Tax Redistribution (SITR)

• Federal Grant Program (FGP)

Definition: A tax graduated so that people with higher incomes pay larger fraction of their income than people with lower incomes.

• Excise Tax

• Regressive Tax

• Progressive Tax

• Local Tax