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Personal Finance Game Part 2
Test Description: Review game part 2
Instructions: Answer all questions to get your test result.
1) What is inheritance tax?
A
state tax collected on the property left by a person to his or her heirs
B
a tax that is owed by the state
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
2) What is a gift tax?
A
federal tax collected on the value of a persons property at the time of his or her death
B
a tax owed by the state
C
a tax collected on money or property valued at more than $11000 given by one person to another in a single year
D
free tax
3) What is the internal revenue service?
A
revenue service of the united states federal government
B
a type of taxi service
C
a free service provided by the state government
D
a service every country in the world has
4) What does earned income mean?
A
a tax refund
B
another word for salary
C
a type of deduction
D
money you receive for working, including wages and salaries
5) What does property tax mean?
A
a tax levied by the IRS on the annual earnings of individuals and trusts
B
a tax on sales or on the receipts from sales
C
a fee on property that the owner is required to pay
D
taxable income of residents
6) What is a sale 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
7) What is a local tax?
A
a tax levied by the IRS on the annual earnings of individuals and trusts
B
a tax on sales or on the receipts from sales
C
a fee on property that the owner is required to pay
D
taxable income of residents
8) What the federal tax?
A
taxable income of residents
B
a tax levied by the IRS on the annual earnings of individuals and trusts
C
a fee on property that the owner is required to pay
D
a tax on sales or on the receipts from sales
9) What is a sin tax?
A
taxable income of residents
B
a tax on items considered undesirable or harmful like alcohol or tobacco
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
10) What does tax deferred mean?
A
a tax levied by the IRS on the annual earnings of individuals and trusts
B
a tax on items considered undesirable or harmful like alcohol or tobacco
C
a fee on property that the owner is required to pay
D
investments on which applicable taxes are paid at a future date instead of in the period in which they are incurred
*select an answer for all questions
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