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Taxes Chap 14 Lesson 1

Quiz by Peter Duesterbeck

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10 questions
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  • Q1
    ____________________ of a tax is the term for the final burden of the tax.
    Incidence
    Luquidity
    Simplicity
    Alternate-side
    30s
  • Q2
    Exceptions or oversights in the tax law that allow taxpayers to avoid taxes are called ____________ .
    smart lawyers
    consequences
    tax loopholes
    hoop-jumps
    30s
  • Q3
    The largest tax levied on the wages, salaries, and other income of individuals is known as the _________________ tax.
    medicare
    individual income
    payroll
    social security
    30s
  • Q4
    The _________________ is the branch of the U.S. Treasury Department that collects taxes.
    Dept of Commerce
    IRS
    Dept of Homeland Security
    Defense Department
    30s
  • Q5
    A general state or city tax levied on a product at the time of sale is called a _________________ .
    commerce tax
    add-on tax
    sales tax
    sin tax
    30s
  • Q6
    An effective tax is one that exhibits one or more of the following characteristics.
    equity
    efficiency
    all of the above
    simplicity
    30s
  • Q7
    “Those who benefit from government goods and services should pay in proportion to the amount of benefits they receive.” So states the __________________ .
    alternative minimum tax
    incidence of tax
    benefit principle
    ability-to-pay rule
    30s
  • Q8
    The terms proportional, progressive, and regressive refer to ________________ .
    principles of taxation
    types of taxes
    goals of tax reform
    criteria for effective taxes
    30s
  • Q9
    In discussing taxes, which is the opposite of regressive?
    flat
    progressive
    value-added
    alternative
    30s
  • Q10
    Which type of tax is levied on the sale of an asset held for 12 months or longer?
    marginal tax
    flat tax
    sales tax
    capital gains tax
    30s

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