WorksheetsWealth Taxes
Total questions: 12
Worksheet time: 6mins
Which of the following is NOT considered a Wealth Tax?
Sales Tax
Property Tax
Inheritance Tax
Estate Tax
What type of tax is levied on the increase in value of an asset when it is sold?
Property Tax
Inheritance Tax
Capital Gains Tax
Gift Tax
What are property taxes typically a source of revenue for?
Federal governments
Local governments
Non-profit organizations
International trade
What is a proper measure of a city's ability to generate wealth?
The number of schools in the area
The number of parks in the area
The number of houses and businesses they have
The number of public transportation options
What do property taxes apply to?
Vehicles and machinery only
Houses, land, and business properties
Imported goods and services
Income and sales
What is an Inheritance Tax?
A tax on the total value of a deceased person's money and property
A tax that you pay on an asset that you inherit from a deceased person
A tax imposed on the transfer of property during a person's life
A tax levied on the sale of an inherited property
What is another name for the Estate Tax?
Inheritance Levy
Death Duty
Death Tax
Succession Tax
Who is responsible for paying the Estate Tax?
The person who inherits the estate
The estate of the deceased person
The government
The executor of the will
How can the amount of capital gains tax you pay be impacted?
By the color of the asset.
By the location where the asset was sold.
By how long you held on to the investment.
By the name of the investment.
What happens to the capital gains tax you have to pay the longer you hang on to an investment?
It increases.
It stays the same.
It becomes exempt after a certain period.
It decreases.
What does the IRS consider a "gift"?
A transfer of cash or property with something of equal value in return
A transfer of cash or property in which the donor doesn't receive something of equal value in return
A transfer of cash or property that is always taxable
A transfer of cash or property between family members only
When does the gift tax kick in?
On all gifts regardless of value
Only on gifts valued at exactly $15,000
On gifts of or valued at over $15,000-$20,000
On gifts valued under $10,000
