Tax Basics Quiz

Froggy Jumps

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À propos de cette activité

Brief tax trivia

Créé par

Maria Jose

Costa Rica

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Tax Basics Quiz


Froggy Jumps Tax Basics QuizVersion en ligne Brief tax trivia par Maria Jose 1 Who collects federal income tax? a State tax agencies. b The Internal Revenue Service (IRS). c The Department of the Treasury. 2 Give one example of an individual tax break. a Education credit. b Mortgage interest deduction. c Charitable donation deduction. 3 You are doing your taxes for the first time, and one of the tax documents you are asked to include is a 1099. What does this indicate? a You have income derived from dividends paid by a corporation in which you hold shares of stock. b You have interest income earned from the money you placed in interest-bearing bank accounts. c You have income received from capital gains in the tax year. 4 Why is preparing tax returns for small family farms particularly challenging? a Farmers are inaccurate when it comes to record keeping, so they are often audited. b Many of the federal income tax breaks are not available for farmers. c It is difficult to separate household activities from farming activities. 5 What are the four main types of accounting and their purposes? a Managerial accounting: Provides detailed internal data for business decisions. b Bookkeeping: Collects raw data like sales and inventory. c Financial accounting: Prepares summary reports for external parties (banks, investors). 6 What are income taxes? a A tax paid only by corporations. b Income tax is a required payment to a government based on personal income or company profit c A fee for government services. 7 What is a tax break and why does it exist? a A tax break is a provision that allows taxpayers to legally pay less income tax. It exists for reaso b A tax break is a penalty for late filing. c A tax break is a government loan. 8 What is tax planning? a Tax planning is evading taxes. b Tax planning is filing as soon as possible. c Tax planning is organizing your activities so you pay the minimum amount of tax required by law. 9 Why is the total cost of individual federal income tax breaks significantly higher than the total cost of corporate tax breaks? a Accelerated Depreciation b Carried Interest c Income Generated Outside the US

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Tax Basics Quiz

Froggy Jumps

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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Tax Basics QuizVersion en ligne

par Maria Jose

Who collects federal income tax?

Give one example of an individual tax break.

You are doing your taxes for the first time, and one of the tax documents you are asked to include is a 1099. What does this indicate?

Why is preparing tax returns for small family farms particularly challenging?

What are the four main types of accounting and their purposes?

What are income taxes?

What is a tax break and why does it exist?

What is tax planning?

Why is the total cost of individual federal income tax breaks significantly higher than the total cost of corporate tax breaks?