WorksheetsTypes of Taxes
Total questions: 20
Worksheet time: 11mins
What is a sales tax?
A tax imposed on the loaning of goods and services.
A tax imposed on the income of individuals.
A tax imposed on the sale of goods and services.
A tax imposed on the import of goods and services.
Which type of tax is levied on specific goods like alcohol, tobacco, or gasoline?
excise tax
property tax
income tax
sales tax
What is a progressive tax?
A tax system in which the tax rate decreases as the taxable income increases.
A tax system in which the tax rate remains constant regardless of the taxable income.
A tax system in which the tax rate increases as the taxable income increases.
A tax system in which the tax rate is determined by the taxpayer's age.
Which type of tax is based on the value of goods or services purchased?
income tax
property tax
excise tax
sales tax
Which type of tax takes a larger percentage of income from low-income earners than from high-income earners?
Regressive tax
Progressive tax
Flat tax
Sales tax
What is a proportional tax?
A proportional tax is a tax system where the tax rate fluctuates with interest rates.
A proportional tax is a tax system where the tax rate remains the same regardless of income.
A proportional tax is a tax system where the tax rate decreases as the taxable base increases.
A proportional tax is a tax system where the tax rate increases as the taxable base increases.
Which type of tax increases as the income or wealth of the taxpayer increases?
Regressive tax
Proportional tax
Flat tax
Progressive tax
Which type of tax does everyone pay the same tax rate, regardless of their income level?
Regressive tax
Progressive tax
Flat tax
Sales tax
Which type of tax is based on the value of property owned by a person?
Property tax
Income tax
Sales tax
Excise tax
What is a progressive tax?
A tax that takes a larger percentage from low-income people.
A tax that takes the same percentage from everyone, regardless of income.
A tax that takes a larger percentage from high-income people.
A tax that is only applied to luxury goods and services.
What are the two principles of taxation?
Ability to Pay Principle
Ability to Levy Principle
Ability to Administer Principle
Benefit Principle
Which factors makes a tax effective?
Simplicity, Efficiency, and Equity
Simplicity, Equestrian, and Efficiency
Equity, Simplicity, and Reliability
Reliability, Functionality, and Lucrative
What is property tax?
A tax imposed on the sale of goods and services.
A tax imposed on the ownership of property, usually real estate.
A tax imposed on the income of individuals.
A tax imposed on the import of goods and services.
Of the following, which are considered "Excise" or Sin Taxes?
Alcohol Tax
Heroin Tax
Tobacco Tax
Gasoline Tax
What is the name of the revenue that states receive from the federal government?
Tax Revenue
Intragovernmental Revenue
Intergovernmental Revenue
States do not receive revenue from the federal government
What does FICA stand for?
Federal Interstate Commerce Act
Federal Interstate Contributions Act
Federal Insecurities Corrections Act
Federal Insurance Contributions Act
Which tax is proportional at first then becomes regressive once the cap is reached?
Estate Tax
Social Security
Medicare
Corporate Income Tax
What do local governments spend most of their money on?
Education
Utilities
Police Protection
Fire Protection
What is the largest source of revenue for the federal government?
Social Security Tax
Medicare Tax
Individual Income Tax
Property Tax
What is the largest source of revenue for local governments?
Intergovernmental Revenue
Intragovernmental Revenue
Property Tax
Corporate Income Tax
