Tax and Income Vocabulary Quiz

Tax and Income Vocabulary Quiz

12th Grade

32 Qs

quiz-placeholder

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Tax and Income Vocabulary Quiz

Tax and Income Vocabulary Quiz

Assessment

Quiz

Financial Education

12th Grade

Practice Problem

Easy

Created by

Lynne Wilde

Used 2+ times

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32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Portfolio Income

Active Income

Passive Income

Gross Income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Earned Income

Portfolio Income

Unearned Income

Discretionary Income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Standard Deduction

Audit

Withholding

Exemption

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Read

Audit

Filing Status

Preparation

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