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Econ Unit 5 test

Total questions: 30

Worksheet time: 15mins

Name
Class
Date
1.

What is Tax Rate

a)
The total income generated by a business.
b)
A fixed fee paid to the government annually.
c)

  • the percentage of income or value of a good or service or asset that is paid as tax.

d)
The amount of money earned before taxes are applied.
2.

What is Tax base

a)

  •  The item that is taxed such as income, the value of good or service or property.

b)
The total amount of tax collected by the government.
c)
The percentage rate at which income is taxed.
d)
The total number of taxpayers in a country.
3.

What is User Fees

a)
User fees are donations made to non-profit organizations.
b)

  • A fixed charge on the use of public services.

c)
User fees are taxes collected by the government.
d)
User fees are penalties for late payments on bills.
4.

Name 4 examples of government services paid by federal government.


a)


Military, National Parks, Social Security, Interstate Transportation

b)
State tax rebates
c)
Public transportation subsidies
5.

Name the main sources of income for Federal Government.

a)
Public donations
b)
Government grants and subsidies
c)
Foreign investments
d)

  • Individual and Corporate Income Tax

  • Social Security Tax

  • Medicare Tax

6.

What is Individual Income tax

a)
A tax on corporate profits.
b)
A tax on property ownership.
c)
A tax imposed on the income of individuals by the government.
d)
A tax on sales transactions.
7.

What is a Corporate Income tax

a)
A tax on the assets of corporations.
b)
A tax on individual income.
c)
A tax on the income or profit of corporations.
d)
A tax on sales made by corporations.
8.

What is payroll tax

a)
A tax on corporate profits
b)
A fee for processing payroll documents
c)

  • Tax paid by companies based on the wages of its employees such as social security and Medicare.

d)
A tax on property owned by individuals
9.

What is Social Security

a)

Social Security is a federal program that provides financial support to retirees, disabled individuals, and survivors.

b)
Social Security is a tax on income for funding public schools.
c)
Social Security is a state-run initiative for local communities.
d)
Social Security is a private insurance program for employees.
10.

Who does Medicare provide service for

a)
Only individuals with private insurance
b)
All individuals regardless of age or health status
c)
Individuals under 18 years old
d)

  •  Provides health insurance for qualified retired persons.

11.

Name the main sources of income for State Governments.

a)

  • Individual Income Tax

  • Sales Tax

  • Excise Tax

b)
Excise duty
c)
Luxury tax
d)
Corporate tax
12.

Name the main sources of income for Local Governments.

a)
Income from tourism taxes
b)
Federal income taxes
c)
Corporate income taxes
d)
Property taxes, sales taxes, service fees, and government grants.
13.

What is Sales Tax

a)
A tax on income earned by individuals.
b)
A fee charged for using public services.
c)
A tax on property ownership.
d)
Sales tax is a tax on sales of goods and services.
14.

What is Excise Tax

a)
Excise tax is a tax on property sales.
b)
Excise tax is a tax imposed on all goods universally.
c)

  • Charged on just specific products that are used by fewer people. The tax is included in the price of the product.  Also used to influence a person’s behavior to limit use (“Sin Tax”)

d)
Excise tax is a tax on income.
15.

What is Property Tax?

a)
Property tax is a fee for renting property.
b)

A percentage of the value of a person’s real or personal property. It is the largest source of money for local government

c)
Property tax is a tax on personal income.
d)
Property tax is a tax on goods and services.
16.

What is Estate tax

a)
A tax on income earned during a person's lifetime.
b)
A tax on property transactions.
c)
A tax on gifts given during a person's lifetime.
d)
A tax on the estate of a deceased person.
17.

What is Inheritance Tax

a)
Inheritance tax is a tax on the value of assets inherited from a deceased person.
b)
A tax on gifts given during a person's lifetime.
c)
A fee for transferring property ownership.
d)
A tax on income earned during a person's lifetime.
18.

What is a Gift tax

a)
A tax on income earned from gifts.
b)
A tax on the sale of property.
c)

  • A Federal Tax imposed on property or cash transferred or gifted to another person.

d)
A tax on the inheritance of property.
19.

What is a Luxury Tax

a)

  • Tax imposed on the purchase of certain expensive items such as jewelry, furs, expensive cars, yachts, private aircraft.

b)
A fee for luxury travel services.
c)
A tax on basic necessities.
d)
A tax on all consumer goods.
20.

What is W-2 Form

a)
The W-2 Form is used to apply for a loan.
b)
The W-2 Form is a document for self-employed individuals.
c)
The W-2 Form is a tax document used to report wages and tax withholdings for employees.
d)
The W-2 Form is a health insurance application form.
21.

What is 1099 Form

a)
The 1099 Form is used for filing personal income tax returns.
b)
The 1099 Form is exclusively for reporting wages and salaries.
c)
The 1099 Form is used to report various types of income other than wages.
d)
The 1099 Form is a type of business license application.
22.

What is Marginal Tax Rate

a)
The marginal tax rate is the total tax paid on all income.
b)
The marginal tax rate is a fixed percentage for all income levels.
c)
The marginal tax rate is the tax rate applied to capital gains only.
d)
The marginal tax rate is the tax rate applied to the last dollar of income earned.
23.

What is Effective Tax Rate

a)
The effective tax rate is the total tax paid on capital gains.
b)
The effective tax rate is the average rate of tax paid on total income.
c)
The effective tax rate is the tax rate applied only to corporate income.
d)
The effective tax rate is the maximum tax rate set by the government.
24.

What is a Proportional Tax

a)
A tax system where higher income levels pay lower rates.
b)
A tax system that varies based on the taxpayer's location.
c)
A tax system that only applies to businesses and not individuals.
d)

tax that is assessed the same percentage regardless of income or value.

25.

What is a Progressive Tax

a)

  •  tax percentage increases as income increases

b)
A Progressive Tax is a flat tax rate applied to all income levels.
c)
A Progressive Tax is a tax that only applies to businesses, not individuals.
d)
A Progressive Tax is a tax system where lower income earners pay higher rates.
26.

What is a Tax Withholding

a)
Tax withholding is the amount an employee saves for retirement.
b)
Tax withholding is a fee charged by the employer for payroll processing.
c)
Tax withholding is a bonus given to employees.
d)
Tax withholding is the deduction of income tax from an employee's earnings by the employer.
27.

What is a Tax Filing

a)
A tax filing is a type of investment strategy.
b)
A tax filing is a method of calculating interest rates.
c)
A tax filing is a form of government subsidy.
d)

  • The annual reconciliation of taxes withheld, and taxes owed.

28.

What is a Tax Audit

a)
A tax audit is an annual report submitted by taxpayers.
b)
A tax audit is a method to increase tax rates.
c)
A tax audit is a process to apply for tax refunds.
d)

 A formal review of a tax return for accuracy

29.

What is a Tax Deduction

a)
A tax deduction is a type of tax credit.
b)
A tax deduction is a penalty for late tax payments.
c)
A tax deduction reduces taxable income.
d)
A tax deduction increases taxable income.
30.

What is a Tax Credit

a)
A tax credit increases the amount of tax owed.
b)
A tax credit reduces the amount of tax owed.
c)
A tax credit is a type of loan.
d)
A tax credit is a government grant for businesses.

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