Chapter 3

4.3 (6 reviews)

Get a hint

Click the card to flip 👆

1 / 69

Terms in this set (69)

30. A worker's primary goal should be to
A. Pay his or her taxes using estimates for income and deductions.
B. Pay no income taxes.
C. Pay the average tax rate for people working in his or her industry.
D. Pay his or her fair share of taxes while taking advantage of appropriate tax benefits.
E. Pay no taxes of any type.

31. Which of the following is NOT a tax that most people pay?
A. Federal taxes on earnings
B. Federal taxes on possessions
C. Federal taxes on wealth
D. Local taxes on property
E. State taxes on purchases

32. A tax due on the purchase of gasoline is called a(n)
A. Estate tax.
B. Excise tax.
C. Income tax.
D. Real estate tax.
E. Inheritance tax.

33. A tax imposed on the value of a person's property at the time of death is called a(n)
A. Estate tax.
B. Excise tax.
C. Income tax.
D. Real estate tax.
E. Sales tax.

34. This tax is a major financial planning factor for most people because it is sometimes imposed at the
federal, state, and local levels.
A. Estate tax
B. Excise tax
C. Income tax
D. Real estate tax
E. Sales tax