Taxes

Taxes

11th Grade

•

32 Qs

quiz-placeholder

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Taxes

Taxes

Assessment

Quiz

•

Financial Education

•

11th Grade

•

Practice Problem

•

Hard

Created by

Nyshia Morris

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32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the standard IRS form used for filing annual income tax returns?

1040

W-2

1099

Schedule C

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What form details all 'non-employee' compensation?

1099

W-2

1040

W-4

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an inspection of a filer's tax return by the IRS called?

Audit

Review

Assessment

Examination

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the profit from the sale of an asset called?

Capital Gain

Revenue

Net Income

Gross Profit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the tax on business profits called?

Corporate Income Tax

Sales Tax

Value Added Tax

Property Tax

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is someone you financially support and can 'claim' on a tax return called?

Dependent

Beneficiary

Sponsor

Guarantor

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is spending by the federal government determined by legislative action called?

Discretionary Spending

Mandatory Spending

Capital Expenditure

Transfer Payments

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