Tax and Income Vocabulary Quiz

A tax that's imposed on a property owner's right to transfer the property to others after his or her death

• Consumption Tax

• Sales Tax

• Estate Tax

• Gift Tax

The total amount of debt a country owes to companies and other countries as a result of deficit spending

• Estate Tax

• Tax Liability

• National Debt

• Trade Deficit

Money earned on a regular basis with little or no effort required to maintain it

• Portfolio Income

• Active Income

• Passive Income

• Gross Income

Any income (wages/salary) that is generated by the work someone performs

• Earned Income

• Portfolio Income

• Unearned Income

• Discretionary Income

A tax on certain goods that aren't typically considered a necessity; sometimes called a luxury tax

• Gift Tax

• Income Tax

• Progressive Tax

• Excise Tax

The dollar amount people can subtract from their income before the tax is calculated

• Standard Deduction

• Audit

• Withholding

• Exemption

An official IRS inspection of a tax return to make sure the income and deductions are accurate

• Read

• Audit

• Filing Status

• Preparation

The total tax a person or business has to pay

• Property Tax

• Sales Tax

• Tax Liability

• Wealth Tax

The amount you earn before taxes and other payroll deductions

• Passive Income

• Gross Income

• Net Operating Income

• Net Income

What a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay

• Operating Income

• Sales Tax

• Net Income

• Gross Income