
Understanding Tax Terms
Authored by Dominik Diaz
Social Studies
6th Grade

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32 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Tax Return?
A report that a taxpayer has to submit annually to the government and is used to determine a person‘s tax liability
A tax based on the market value of owned assets
A tax on the purchase of goods or services
A tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Tax Day?
The annual deadline for filing your income taxes; usually falls on April 15
A tax on the positive difference between the sale price and the value of a gift when it was inherited
A tax that‘s imposed on a property owner’s right to transfer the property to others after their death
A tax on certain goods that aren‘t typically considered a necessity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Standard Deduction?
The dollar amount people can subtract from their income before the tax is calculated
A tax on the purchase of goods or services
A tax on the positive difference between the sale price and the value of a gift when it was inherited
A tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Tax Schedule?
A special tax form to report certain types of income or deductions
A tax on the purchase of goods or services
A tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
A tax that‘s imposed on a property owner’s right to transfer the property to others after their death
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are Itemized Deductions?
A list of all eligible expenses that can be claimed to decrease taxable income
A tax on the purchase of goods or services
A tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
A tax that‘s imposed on a property owner’s right to transfer the property to others after their death
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Tax Credit?
An amount of money a taxpayer can subtract from the taxes they owe
A tax on the purchase of goods or services
A tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
A tax that‘s imposed on a property owner’s right to transfer the property to others after their death
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an Audit?
An official IRS inspection of a tax return to make sure the income and deductions are accurate
A tax on the purchase of goods or services
A tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
A tax that‘s imposed on a property owner’s right to transfer the property to others after their death
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