Financial Literacy taxes

Question 1

money owed by the government to taxpayers when their payments are greater than the total tax

Accepted Answer

refund

Question 2

Which type of tax is levied on the sale of an asset held for 12 months or longer?

Accepted Answer

capital gains tax

Question 3

The new tax law has the lowest wage earner taxed at:

Accepted Answer

10%

Question 4

As income goes up the percentage of income paid in taxes stays the same

Accepted Answer

proportional

Question 5

All of the following are itemized deductions before taxes EXCEPT

Accepted Answer

State taxes

Question 6

Rising federal debts results in all of the following EXCEPT

Accepted Answer

reducing the government's interest payments

Question 7

As income goes up, the percentage of income paid in taxes goes down

Accepted Answer

regressive

Question 8

Every major party candidate for president has released tax return since 1980 EXCEPT for one

Accepted Answer

True

Question 9

With holdings that go into the fed government program that provides income support to elderly

Accepted Answer

social security

Question 10

The largest tax levied on wages, salaries, and other income is known as:

Accepted Answer

Income tax

Question 11

The budget has to be finalized by this date:

Accepted Answer

October 1

Question 12

The President introduces the budget in:

Accepted Answer

February

Question 13

As income goes up, the percentage of income paid in taxes goes up

Accepted Answer

progressive

Question 14

Which of the following is NOT an example of federal mandatory spending?

Accepted Answer

national defense

Question 15

Which type of tax is levied on specific items or services, including gasoline, alcohol,

Accepted Answer

excise tax

Question 16

A legislative limit on the amount of national debt that can be incurred by the US Treasury:

Accepted Answer

debt ceiling

Question 17

1. All of the following are discretionary spending categories EXCEPT:

Accepted Answer

Social Security

Question 18

Mrs. Fry's generation was fiscally irresponsible:

Accepted Answer

True

Question 19

This office prepares the budget for the President:

Accepted Answer

Office of Management and Budget

Question 20

President Clinton operated with a budget surplus

Accepted Answer

True

Question 21

The new tax law has the highest wage earner taxed t:

Accepted Answer

37%

Question 22

The total amount borrowed from investors to finance the government's deficit spending:

Accepted Answer

national debt

Question 23

The recorded amount of pay before taxes and deductions is referred to as:

Accepted Answer

gross

Question 24

With holdings that go into the federal health insurance program for people 65 and older,

Accepted Answer

medicare

Question 25

Term for the financial year for the government:

Accepted Answer

Fiscal

Question 26

This is an investment account that is used for retirement. Income is tax deferred

Accepted Answer

401K

Question 27

Property taxes are paid to:

Accepted Answer

local government

Question 28

Within 25 years federal debt is expected to reach 100% of GDP:

Accepted Answer

True

Question 29

A sales tax is an example of _________tax.

Accepted Answer

regressive

Financial Literacy taxes

Questions 29

Financial Literacy taxes

Questions 29