Ramsey Ch 10 Review #2 Question Preview (ID: 58558)


Personal Finance. TEACHERS: click here for quick copy question ID numbers.

taxes paid by anyone who owns property, such as land, a home, or commercial real estate
a) capital gains tax
b) inheritance tax
c) land mutual tax
d) property tax

a tax on the positive difference between the sale price and the value of a gift when it was inherited
a) capital gains tax
b) profit tax
c) positive inheritance tax
d) loose gift tax

a state tax on an asset an individual received from someone who has passed away
a) death tax
b) estate tax
c) inheritance tax
d) jerk tax

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) inheritance tax
c) capital gains
d) state transfer tax

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) gift tax
c) estate tax
d) tea party tax

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 many tax returns you need to submit
d) How much money you'll spend in that fiscal year

Giving to a _______can help lower your taxable income.
a) missions organization
b) food bank
c) non profit organization
d) church

Getting a big tax refund is not necessarily a good thing
a) false
b) true
c) blank
d) blank

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

Wealth taxes are often dependent on______ , so it's a good idea to understand the tax rules________
a) how cool you are.... because you want to pass this test
b) which w-4 you filled out..... in your state
c) if you went to trade school..... for your trade
d) where you live..... in your state

You can produce________ by buying and selling stocks, bonds, mutual funds, and real estate.
a) taxes
b) pain
c) portfolio/investment income
d) passive income

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