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Budget Challenge Chapter 15-Taxes Questions with correct Answers
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Budget Challenge Chapter 15-Taxes
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Budget Challenge Chapter 15-TaxesWhat is the main reason governments levy taxes? - answer Raise revenue
Which is an advantage of filing a federal tax return? - answer Refundable tax credits
can only be received by filing
What is the largest source of federal revenue? - answer Individual income taxes
Which would be the best example of the benefits received principle of tax fairness? -
answer Tax on gasoline used to pay for roads
Which would be an example of a tax designed to influence behavior? - answer Excise
tax on cigarettes
Which tax do local governments rely on the most? – answer property tax
How is it that the states that impose the same percent tax on income, no matter the
amount, still end up having a progressive income tax? - answer They allow for some
form of deduction or exemption of income
Which of the following is not considered taxable income by the IRS? - answer most gifts
What tax can be levied on a persons assets after they die? - answer estate tax
Which usually does not have excise taxes levied on it? - answer food
Which is the standard form individuals use to file their federal income tax? - answer1040
which is the best conclusion you can draw about a person who received a large income
tax refund? - answer they had more withheld from their pay than they owed in taxes.
Which is true about long term capital gains and income taxes? - answer they are taxed
at a lower rate than earned income
which is true of social security, and Medicare taxes - answer the employer matches the
amount the employee pays to the government
What is the effect - answer
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