Principles of business Marketing Test on Taxes

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What are tax credits?

Reductions in tax liability

Which of the following is NOT a source from which tax forms can be obtained?

Schools

Which of the following is NOT a benefit of federal, state or local taxes?

Sporting events

Adjusted gross income also known as which of the following?

Taxable income

Inheritance Taxes

Taxes collected on the property left by an individuals will

What are progressive taxes?

Taxes which increase as the amount being taxed increases

Which document gives Congress the power to lay and collect taxes?

The Constitution

Taxes CANNOT be imposed on which of the following?

Thoughts and ideas

Sales tax rates vary from state to state

True

Which of the following is the simplest income tax return form?

1040EZ

What year was the first income tax proposed, but not enacted?

1812

When were monetary and fiscal policy established?

1970s

Which amendment to the Constitution outlawed poll taxes?

24th

_____________ taxes are levied on income, while _______________ taxes are levied on goods and services.

Direct; Indirect

Which of the following policies occurs when the government adjust its spending level and tax rates to monitor and influence the economy?

Fiscal policy

Which of the following policies studies behavior of the aggregate economy?

Fiscal policy

Traditional filing consist of which of the following?

Paper forms and handwritten completion

Social security taxes are withheld from an individuals paycheck.

True

Price Oriented Taxes

Usually taxes at a rate of 30-40% includes the taxes collected on money or gifts recieved from winning game shows, competition

What is a 1099 form?

. A record of untaxed earnings

What is a W-2 form?

. A record of wage and salary earnings and taxes withheld

Which of the following is an example of an excise tax?

. A tax on tobacco

What date is usually "tax day"?

. April 15

Standard tax deductions for an individual are _________________.

. Different every year

Which of the following accurately describes taxes?

. Percentage-based fees assessed by the government

Which of the following are automatically withheld from paychecks?

. Social security taxes

What are estate taxes?

. Taxes collected when a person dies

Which tax return form should a taxpayer use if he or she had a taxable income of $103,000 and will itemize deductions?

1040

What is a tax audit?

A detailed examination of a specific tax return by the IRS

Which of the following is considered a tax credit?

A reduction in taxes due to children

Which of the following is an example of an excise tax?

A tax on alcohol

Which of the following is NOT considered tax fraud?

Claiming no deductions

Sales taxes are also known as which of the following?

Consumption taxes

What are tax deductions?

Expenses subtracted from gross income to calculate taxable income

Inheritance taxes are collected on the value of a person's property after he or she dies.

False

Tax Day is always April 15th.

False

Which of the following does contractionary monetary policy NOT slow down?

Gross domestic products

Tax differed Income

Income that will be paid at a later date

Expansionary monetary policy does NOT do which of the following?

Influence macroeconomics

Which of the following is NOT included in earned income?

Interest

Which of the following comprises an individuals gross income?

Interest, dividend and earned income

IRS stands for which of the following?

Internal Revenue Service

Which of the following is NOT a benefit of e-filing?

Less tax liability

Dividend Income

includes money or cash dividends received from investments such as stock

Interest Income

interest received from the banks and savings institutions

Direct Tax

levied directly on personal or corporate income

Indirect

levied on the price of a good

Taxes

percentage based fee charged by the government on products, income, or activities

Gift Taxes

collected on personal gifts valued at $1000


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