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Financial Algebra Chapter 7.1 Vocabulary Flashcards | StudBud

Explore/Financial Algebra Chapter 7.1 Vocabulary

Financial Algebra Chapter 7.1 Vocabulary

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Vocabulary words for chapter 7.1. #Financialalgebra #vocabulary

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Questions 11

Answers

1
What does the IRS stand for?
Insulin receptor substrate
Integrated reconstructed spectrum
Internal revenue services
Identical, related, and similar
2
What does it mean when you are "married filling separately."
Married filling two separate income tax returns
Married filling one income tax return together.
3
What is sales tax?
Tax paid on things you already own
Tax paid on things you buy
4
True or false: Income tax are taxes based on the amount of money you make.
True
False
5
What is property tax?
A percentage paid to the government on sales.
Taxes that are based on the assessed value of property owned
6
What does the status "Single" mean on a tax form?
You pay for every person that lives in your house.
You are married but filling separate from each other.
You are single and alone with no one to file with.
You are married and are filing together with someone else.
7
What is income tax?
Tax you pay on the money you make.
Tax you pay on your house.
Tax you pay on groceries.
Tax you pay on luxuries.
8
What does it mean on tax form when you are "married filling jointly."
Married tax payers who together, submit one income return.
Married tax payers who fill out separate income tax returns.
9
What is tax?
Money you get given from the government.
Money a person pays to the government.
10
What is the "head of household?"
Someone who has control over their entire household.
Unmarried taxpayers who support other people besides family.
11
What does it mean to be a "qualifying widow(er)"
Filling status for someone who's income pays for everything.
Filling status for a widow who meets specific guidelines.