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