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Module 5 Review

Quiz by Suzanne Roberts

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11 questions
Show answers
  • Q1
    What is gross income minus specific deductions.
    Income tax
    Alternative minimum tax
    Adjusted gross income
    30s
  • Q2
    This is designed to make sure that those with high incomes pay their fair share of taxes, even if they have a high number of deductions that brings their adjusted gross income into a lower tax bracket.
    Progressive tax systems
    Alternative minimum tax
    Income tax
    Excise tax
    30s
  • Q3
    Taxes on a person's estate when that person dies are called __________.
    Inheritance tax
    Excise tax
    Estate taxes
    Income tax
    30s
  • Q4
    A federal and/or state tax on specific goods such as gasoline, tires, airfare, and cigarettes is an __________.
    Inheritance tax
    Excise tax
    Income tax
    Estate tax
    30s
  • Q5
    What includes all sources of income?
    Adjusted gross income
    Gross income
    30s
  • Q6
    _______________ is the tax imposed on the amount of money that each person earns during the year.
    Alternative minimum tax
    Income tax
    Excise tax
    Estate tax
    30s
  • Q7
    The tax on property or assets inherited after someone has died and bequeathed the asset to another is called _______________.
    Inheritance tax
    Estate tax
    Excise tax
    Income tax
    30s
  • Q8
    The Internal Revenue Service (IRS) collects federal estate taxes in the United States.
    False
    True
    30s
  • Q9
    Require those with higher incomes to pay a greater proportion of their income in taxes.
    Progressive tax systems
    Regressive tax systems
    30s
  • Q10
    Charges everyone the exact same percentage, amount, or proportion in taxes.
    Progressive tax systems
    Regressive tax systems
    30s
  • Q11
    A detailed examination of a return by the IRS.
    Alternative minimum tax
    Regressive tax systems
    Tax audit
    30s

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