C10L5

What is one certainty of life as a U.S. citizen mentioned in the passage?

• Paying taxes is one certainty of life as a U.S. citizen.

• Owning a car is one certainty of life as a U.S. citizen.

• Traveling abroad every year is one certainty of life as a U.S. citizen.

• Becoming a politician is one certainty of life as a U.S. citizen.

What is a wealth tax?

• A wealth tax is a tax on the wealth possessed by the people who live in a country.

• A wealth tax is a tax on the income earned by companies.

• A wealth tax is a tax on goods and services purchased by consumers.

• A wealth tax is a tax on the profits made from selling shares.

Which of the following is NOT typically considered an asset for wealth taxes?

• A) Bank deposits

• B) Stock shares

• C) Real estate

• D) Groceries

Property tax is the main source of revenue for which level of government?

• Local governments

• State governments

• Federal governments

• International organizations

Which of the following is NOT a form of property tax?

• Taxes on land

• Taxes on homes

• Taxes on business property

• Sales tax

What is an estate tax (also called a death tax)?

• An estate tax is taken out of the value of a deceased person's estate (their assets after their death).

• An estate tax is a fee paid annually on all property owned.

• An estate tax is a tax on income earned from investments.

• An estate tax is a tax paid by beneficiaries on gifts received during a person's lifetime.

Which of the following is true about the gift tax?

• It applies to all gifts regardless of value

• It only applies if the gift is over $15,000

• It applies to gifts of any amount

• It applies only to real estate

According to Dave Ramsey, what is the most fun you can have with money?

• Giving

• Saving

• Investing

• Spending

Giving to charities and organizations affects your taxable income if you itemize deductions on your tax return by:

• Increasing your taxable income

• Decreasing your taxable income

• Having no effect on your taxable income

• Doubling your taxable income