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Finance > Chapter 21 > Flashcards

Chapter 21 Flashcards

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1
Q

the total amount of taxes owed

A

tax liabilty

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2
Q

A federal tax collected on the value of a person’s property at the time of his or her death

A

estate tax

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3
Q

A state tax collected on the property left by a person to his or her heir(s) in a will

A

inheritance tax

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4
Q

A tax of wages, salaries, and self-employed earnings

A

income tax

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5
Q

A form, such as 1040 or 1040EZ, on which a taxpayer reports how much money he or she received from work and other sources and the exact taxes that are owed

A

income tax return

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6
Q

Income that is not subject to taxes

A

exclusion

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7
Q

Gross income after calculating certain reductions to income

A

adjusted gross income

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8
Q

Adjusted gross income minus any allowable tax deductions and exemptions

A

taxable income

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9
Q

An expense that can be subtracted from adjusted gross income to figure taxable income

A

tax deduction

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10
Q

An amount of money set by the IRS that is not taxed

A

standard deduction

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11
Q

A specific expense, such as a medical expense, that can be deducted from th adjusted gross income

A

iteamized deduction

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12
Q

Deduction from adjusted gross income for the taxpayer, the spouse, and qualified dependents

A

exemption

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13
Q

An amount of money that can be subtracted directly from taxes you owe

A

tax credit

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14
Q

An adjustment to the tax withheld from your paycheck, based on your marital status and whether you have dependents

A

allowance

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15
Q

an extended dead line for filing an income tax return

A

extension

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16
Q

a detailed examination of a tax return by the IRS

A

tax audit

17
Q

a tax on specific good and services such as gasoline, air travel, and telephone service collected by federal and state governments

A

excise tax

18
Q

someone you support financially, as a child

A

dependant

19
Q

lack of attention

A

negligence

20
Q

collects

A

levies

21
Q

an explination

A

clarification

22
Q

placing in danger

A

jeapordizing

23
Q

The tax a person pays when he or she buys a music CD is…
A. Sales Tax
B. Excise Tax
C. Estate Tax
D. Gift Tax

A

sales tax

24
Q

An example of an inheritance tax is the money collected on…
A. Pizza order
B. Cigarettes and gasoline
C. Decreases personal money
D. Property left in a will

A

property left in a will

25
Q

The federal government’s leading source of revenue is…
A. Property taxes
B. Sales taxes
C. Income taxes
D. Social Security Taxes

A

income taxes

26
Q

In which category do tips belong?
A. Earned income
B. Dividend income
C. Interest income
D. Amount of taxes owed

A

earned income

27
Q

An exemption is subtracted from a person…
A. Gross income
B. Adjusted gross income
C. Taxable income
D. Amount of taxes owed

A

adjusted gross income

28
Q

The money a person receives from the government when he or she pays too much in taxes is called a tax…
A. Liability
B. Refund
C. Credit
D. Exclusion

A

refund

29
Q

A W-4 form determines the amount an employee will…
A. Make in estimated payments
B. Pay in taxes
C. Receive in Social Security
D. Have withheld

A

have withheld

30
Q

If a person cannot file his or her federal tax return by April 15, he or she must file a…
A. Form 4868
B. Form 1040EZ
C. W-2 form
D. Form 1099-INT

A

form 4868

31
Q

Of the following steps, which is the last a person performs when preparing his or her tax return?
A. Entering total wages
B. Subtracting deductions from adjusted gross income
C. Subtracting tax owed from tax withheld
D. Claiming an earned income tax credit

A

Subtracting tax owed from tax withheld

32
Q

Which amounts are tax-deferred?
A. Interest paid on mortgage loans
B. Real estate taxes
C. Interest made on municipal bonds
D. Investments in IRAs

A

investments in IRAs

33
Q

An example of a(n) ______ is interest earned on municipal bonds which is often exempt from federal income tax.

A
34
Q

A child is an example of a(n) ______ or someone you support financially.

A

dependant

35
Q

By filling for 4868 by April 15th you can receive a four-month ______ for filing an income tax return.

A

extension

Finance (7 decks)

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