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Tax vocab

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

Mandatory payments collected from individuals and corporations by a government entity to fund government activity

a)

IRS

b)

Infrastructure

c)

Taxes

d)

FICA

2.

This is the tax system in which high income taxpayers pay a larger fraction of their income?

a)

Progressive

b)

Regressive

c)

Porportional

d)

State Farm

3.

Which one of the following is not one of the three basic tax categories?

a)

Income

b)

Consumption

c)

Wealth

d)

Leisure

4.

This is the federal agency who is responsible for collecting income taxes in the US

a)

FBI

b)

FDIC

c)

IRS

d)

MLB

5.

What tax category does a sales tax fall under?

a)

income tax

b)

consumption tax

c)

wealth tax

6.

what tax category does a property tax fall under?

a)

Income tax

b)

Consumption tax

c)

Wealth tax

7.

What tax category does a Payroll tax fall under?

a)

income tax

b)

Consumption tax

c)

Wealth tax

8.

This government program provides retirement and disability benefits to employees

a)

Medicare

b)

Social Security

c)

Pell Grants

d)

Head Start

9.

Payroll tax is paid by both the employer and employee.

a)

True

b)

False

10.

The federal government is responsible for collecting sales tax.

a)

True

b)

False

11.

Which level of government collects property tax?

a)

Federal

b)

State

c)

Local

d)

Universal

12.

Social Security & Medicare are the two government programs that make up:

a)

FDIC

b)

FBI

c)

FICA

d)

FRODO

13.

Any type of property owned by an individual or company that is regarded as having value is called an:

a)

Asset

b)

Infrastructure

c)

Tax bracket

d)

Cost of living

14.

The basic physical and organizational structures and facilities needed for the operation of a society is known as:

a)

Asset

b)

Infrastructure

c)

Tax Bracket

d)

Cost of living

15.

In a progressive tax system, the multiple ranges that incomes are taxed at are known as:

a)

Income statements

b)

Tax brackets

c)

Money markets

d)

bank accounts