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Personal Finance Courses: Taxes

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1.
What type of tax increases as your income increases?
Choose wisely. There is only one correct answer.
Progressive tax. Income tax is an example of a progressive tax.
2.
All other factors being equal, waiting until which age would let you receive the most Social Security benefits?
Choose wisely. There is only one correct answer.
70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.
3.
When you take time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.
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True. When you take the time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.
4.
If you are taking tax deductions for meals, car expenses, and travel, you are most likely _______.
Choose wisely. There is only one correct answer.
A small business owner. Small business owners get to deduct a lot of expenses from their income, thus saving them money. This is one of the perks of being in business for yourself.
5.
What is the name of the United States' tax collection agency?
Choose wisely. There is only one correct answer.
The Internal Revenue Service. The Internal Revenue Service is the agency that collects taxes for the United States.