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Ramsey Ch 10 Review #2
Test Description: Personal finance
Instructions: Answer all questions to get your test result.
1) taxes paid by anyone who owns property, such as land, a home, or commercial real estate
A
property tax
B
capital gains tax
C
land mutual tax
D
inheritance tax
2) a tax on the positive difference between the sale price and the value of a gift when it was inherited
A
positive inheritance tax
B
loose gift tax
C
capital gains tax
D
profit tax
3) a state tax on an asset an individual received from someone who has passed away
A
estate tax
B
inheritance tax
C
death tax
D
jerk tax
4) a tax that‘s imposed on a property owner’s right to transfer the property to others after his or her death
A
estate tax
B
capital gains
C
state transfer tax
D
inheritance tax
5) a tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
A
transfer tax
B
tea party tax
C
gift tax
D
estate tax
6) What does the Form W-4 estimate?
A
How much tax you'll owe based on your personal situation
B
How much income you should be making.
C
How much money you'll spend in that fiscal year
D
How many tax returns you need to submit
7) Giving to a _______can help lower your taxable income.
A
food bank
B
church
C
missions organization
D
non profit organization
8) Getting a big tax refund is not necessarily a good thing
A
false
B
blank
C
blank
D
true
9) Government deficit spending is a good thing because it lowers the amount of taxes that need to be collected.
A
blank
B
false
C
true
D
blank
10) Wealth taxes are often dependent on______ , so it's a good idea to understand the tax rules________
A
where you live..... in your state
B
which w-4 you filled out..... in your state
C
how cool you are.... because you want to pass this test
D
if you went to trade school..... for your trade
11) You can produce________ by buying and selling stocks, bonds, mutual funds, and real estate.
A
pain
B
portfolio/investment income
C
taxes
D
passive income
*select an answer for all questions
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