Question : 18.2   The Tax System 1) The largest source of revenue for : 1388017

 

 

18.2   The Tax System

 

1) The largest source of revenue for the federal government of the United States is from

A) tariffs collected on imported goods.

B) property taxes imposed on private property.

C) sales taxes on items purchased for consumption.

D) individual income taxes.

 

 

2) At the state and local levels in the United States, the largest source of tax revenue is

A) individual income taxes.

B) property tax on real estate.

C) sales tax.

D) grants from the federal government.

 

3) An example of a payroll tax in the United States is

A) Social Security taxes.

B) taxes on corporate profit.

C) excise taxes on gasoline.

D) property taxes on real estate.

 

 

4) Public schools in the United States get most of their operating funds from

A) government production and subsidies.

B) income taxes on corporate profits.

C) local property taxes.

D) tariffs collected on imported goods.

 

 

5) If, as your taxable income decreases, you pay a smaller percentage of your taxable income in taxes, then the tax is 

A) regressive.

B) proportional.

C) progressive.

D) unfair.

 

 

6) If, as your taxable income decreases, you pay a larger percentage of your taxable income in taxes, then the tax is

A) regressive.

B) proportional.

C) progressive.

D) unfair.

 

7) If you pay a constant percentage of your taxable income in taxes, the tax is

A) regressive.

B) proportional.

C) progressive.

D) random.

 

 

8) If you pay $2,000 in taxes on an income of $20,000, and a tax of $2,700 on an income of $30,000, then over this range of income the tax is

A) regressive.

B) proportional.

C) progressive.

D) There is insufficient information to answer the question.

 

 

9) If you pay $2,000 in taxes on an income of $20,000, and a tax of $3,000 on an income of $30,000, then over this range of income the tax is

A) regressive.

B) proportional.

C) progressive.

D) There is insufficient information to answer the question.

 

 

10) If you pay $2,000 in taxes on an income of $20,000, and a tax of $3,500 on an income of $30,000, then over this range of income the tax is

A) regressive.

B) proportional.

C) progressive.

D) There is insufficient information to answer the question.

 

11) A tax bracket is

A) the percent of taxable income paid in taxes at a specific income bracket.

B) the income range within which a particular tax rate applies.

C) the type of tax structure for which a range of taxes applies.

D) the range, from the high to the low tax rate, of a particular type of tax.

 

 

12) A personal exemption refers to

A) the tax rate that applies to a particular tax bracket.

B) the tax bracket that represents basic living expenses.

C) an amount representing basic living expenses that can be subtracted from income.

D) a dispensation that allows certain qualifying individuals not to pay federal taxes.

 

 

13) Exemptions and deductions are used

A) to add to taxes that must be paid.

B) by taxpayers to reduce the amount of income subject to tax.

C) to determine the type of tax structure.

D) to determine what items are subject to sales taxes.