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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
inheritance tax
B
property tax
C
land mutual tax
D
capital gains tax
2) a tax on the positive difference between the sale price and the value of a gift when it was inherited
A
loose gift tax
B
positive inheritance tax
C
profit tax
D
capital gains tax
3) a state tax on an asset an individual received from someone who has passed away
A
jerk tax
B
inheritance tax
C
death tax
D
estate 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
estate tax
B
tea party tax
C
transfer tax
D
gift tax
6) What does the Form W-4 estimate?
A
How much tax you'll owe based on your personal situation
B
How much money you'll spend in that fiscal year
C
How much income you should be making.
D
How many tax returns you need to submit
7) Giving to a _______can help lower your taxable income.
A
non profit organization
B
food bank
C
church
D
missions organization
8) Getting a big tax refund is not necessarily a good thing
A
blank
B
true
C
blank
D
false
9) Government deficit spending is a good thing because it lowers the amount of taxes that need to be collected.
A
false
B
true
C
blank
D
blank
10) Wealth taxes are often dependent on______ , so it's a good idea to understand the tax rules________
A
which w-4 you filled out..... in your state
B
where you live..... in your state
C
if you went to trade school..... for your trade
D
how cool you are.... because you want to pass this test
11) You can produce________ by buying and selling stocks, bonds, mutual funds, and real estate.
A
pain
B
passive income
C
portfolio/investment income
D
taxes
*select an answer for all questions
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