Taxes fund which sector of our economy? A. Private sector B. Public sector C. Se

Question

Taxes fund which sector of our economy? A. Private sector B. Public sector C. Service sector (i.e., hair and nail salons, landscapers, accountants, lawyers, and doctors) AND. Retail sector (i.e., Wal-Mart and Target)

The following NINE questions refer to the topic of TAXATION. The first three of these questions asks you to identify an example of each of the three types of taxes. You will note that the choices are the same for each of these first three questions. The next set of three questions asks you to describe the nature of the three types of taxes. You will note that the choices for these three questions are also the same. An example of a PROGRESSIVE tax is A. City Income Tax B. Sales Tax C. Federal Income Tax

What statement BEST describes PROGRESSIVE TAXES? As always read all choices before answering and be sure to select the BEST answer. A. The LESS you make the HIGHER PERCENT you pay B. The MORE you make the HIGHER PERCENT you pay C. The more you make the HIGHER AMOUNT you pay

What statement BEST describes FLAT TAXES? A. The LESS you make the HIGHER PERCENT you pay B. The MORE you make the HIGHER PERCENT you pay C.

The more you make the higher AMOUNT you pay What statement BEST describes REGRESSIVE TAXES? A. The LESS you make the HIGHER PERCENT you pay B. The MORE you make the HIGHER PERCENT you pay C.

The more you make the higher AMOUNT you pay The overall U.S. tax system (all of our taxes described collectively) is A. Regressive B. Progressive C. Flat

Which of the following statements BEST describes the Federal Income Tax (FIT) on the income of individuals in the United States? A. All individuals pay some Federal Income Tax B. All individuals pay the same amount of Federal Income Tax C. Individuals with higher incomes will pay a higher rate (percent) of Federal Income Tax D. All employed individuals pay the same rate (percent) of Federal Income Tax

Explanation / Answer

1. B. Public sector

2. C. Federal Income Tax

3. B. The MORE you make the HIGHER PERCENT you pay

4. C. The more you make the higher AMOUNT you pay

5. A. The LESS you make the HIGHER PERCENT you pay

6. B. Progressive

7. C. Individuals with higher incomes will pay a higher rate (percent) of Federal Income Tax

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