Personal Finance Game Part 2: Question Preview (ID: 29849)


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What is inheritance tax?
a) state tax collected on the property left by a person to his or her heirs b) federal tax collected on the value of a persons property at the time of his or her death c) a tax that is owed by the state d) a tax collected on money or property valued at more than $11000 given by one person to another in a single year
What is a gift tax?
a) a tax owed by the state b) free tax c) a tax collected on money or property valued at more than $11000 given by one person to another in a single year d) federal tax collected on the value of a persons property at the time of his or her death
What is the internal revenue service?
a) revenue service of the united states federal government b) a free service provided by the state government c) a type of taxi service d) a service every country in the world has
What does earned income mean?
a) a type of deduction b) another word for salary c) a tax refund d) money you receive for working, including wages and salaries
What does property tax mean?
a) a tax on sales or on the receipts from sales b) a fee on property that the owner is required to pay c) taxable income of residents d) a tax levied by the IRS on the annual earnings of individuals and trusts
What is a sale tax?
a) a tax on sales or on the receipts from sales b) a fee on property that the owner is required to pay c) taxable income of residents d) a tax levied by the IRS on the annual earnings of individuals and trusts
What is a local tax?
a) a fee on property that the owner is required to pay b) a tax on sales or on the receipts from sales c) taxable income of residents d) a tax levied by the IRS on the annual earnings of individuals and trusts
What the federal tax?
a) a tax levied by the IRS on the annual earnings of individuals and trusts b) a fee on property that the owner is required to pay c) a tax on sales or on the receipts from sales d) taxable income of residents
What is a sin tax?
a) a tax on items considered undesirable or harmful like alcohol or tobacco b) taxable income of residents c) a tax levied by the IRS on the annual earnings of individuals and trusts d) a fee on property that the owner is required to pay
What does tax deferred mean?
a) investments on which applicable taxes are paid at a future date instead of in the period in which they are incurred b) a fee on property that the owner is required to pay c) a tax levied by the IRS on the annual earnings of individuals and trusts d) a tax on items considered undesirable or harmful like alcohol or tobacco
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