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FinCap Friday: Time to Talk Taxes Flashcards | StudBud

Explore/FinCap Friday: Time to Talk Taxes

FinCap Friday: Time to Talk Taxes

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Questions 5

Answers

1
What is sales tax based on?
The weight of the items you purchase
The qualitity of items you purchase
The manufacturer of the items you purchase
The price of the items you purchase
2
True or False? All 50 states collect an income tax from residents in order to generate revenue.
TRUE
FALSE
3
Which agency in the US is responsible for collecting taxes from people and companies?
CIA (Central Intelligence Agency)
TSA (Transportation Security Administration)
FBI (Federal Bureau of Investigation)
IRS (Internal Revenue Service)
4
What is the primary purpose of taxes for adults and the government?
to create personal savings funds for all taxpayers
to fund the political campaigns of elected officials
to regulate the stock market
to generate revenue for the government to fund public services & programs
5
Federal taxes get a lot of attention, but what are 2 other levels of government that may collect taxes?
Private and nonprofit organizations
Alliances and international organizations
State and local (city/town)
Public schools and universities (or colleges)