Question 1

______ occurs due to limited supplies and unlimited wants and needs

Accepted Answer

scarcity

Answer

surplus

Answer

taxable income

Answer

inflation

Question 2

Which of the following is not a catergory to file for taxes

Accepted Answer

illegal resident

Answer

single

Answer

married

Answer

head of household

Question 3

To have your tax return examined by the IRS is a

Accepted Answer

audit

Answer

requirement

Answer

deduction

Answer

filing status

Question 4

________ is used to lower taxable income for taxes

Accepted Answer

exemptions

Answer

allowances

Answer

adjustment

Answer

Income

Question 5

which of the following in not a type of taxed income

Accepted Answer

discretionaryu

Answer

interest

Answer

dividened

Answer

earned

Question 6

money that is taken out of your paycheck is

Accepted Answer

withholding

Answer

liberations

Answer

garnishments

Answer

excise

Question 7

This form is used by your employers to be informed at what level of withholding from your paycheck

Accepted Answer

W4

Answer

W2

Answer

1040EZ

Answer

Schedule A

Question 8

You get this at the end of the year (wage and Tax statement)

Accepted Answer

W2

Answer

1040A

Answer

W4

Answer

exception list

Question 9

this is an adjustment to the tax withheld from you paycheck

Accepted Answer

allowance

Answer

adjustment

Answer

exception

Answer

deductions

Question 10

if you are unable to meet the tax filing deadline, you can file for an

Accepted Answer

extension

Answer

allowance

Answer

adjudication

Answer

exemption

Question 11

A federal tax collected on the value of a person wealth at the time of their death is

Accepted Answer

estate tax

Answer

inheritance tax

Answer

income tax

Answer

tax liability

Question 12

this tax is imposed on wealth left to another person from a person who has dies

Accepted Answer

inheritance tax

Answer

estate tax

Answer

excise tax

Answer

income tax

Question 13

This paid on wages, salaries, or self-employed earning

Accepted Answer

income tax

Answer

estate tax

Answer

excise tax

Answer

inheritance tax

Question 14

________ is your gross income after adjustments to your income

Accepted Answer

adjusted gross income

Answer

gross income

Answer

taxable income

Answer

excusionary

Question 15

Gross income is

Accepted Answer

the total of all money earned in a specific time period

Answer

calculated after taxes

Answer

deductible

Answer

a tax credit

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