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FHCE 3200 EXAM #2 STUDY GUIDE
Questions and Correct Answers/ Latest
Update / Already Graded
Flat tax
Ans: everyone pays the same rate
regressive tax
Ans: low income earners pay a larger proportion of their
incomes in taxes relative to high-income households
Progressive tax
Ans: those with more income pay increasingly higher taxes,
high-income earners pay a disproportionately larger amount of
taxes
different types of taxes
Ans: •Federal income taxes
•State income taxes (where applicable)
•Payroll taxes
•Sales taxes
•Property taxes
All rights reserved © 2025/ 2026 |
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form 1040EZ
Ans: simplified tax form for
•single or married-filing-jointly
•income reported from wages or salaries
•standard deduction use
•no dependents
form 1040A
Ans: more complicated than form 1040EZ
•allows other types of income reported (such as tips, interest,
dividends, and scholarships)
•allows the taxpayer to claim more deductions and tax credits
form 1040
Ans: standard tax form everyone can use
•used by the highest-earning households
•also used by households with modest incomes
single
Ans: -not married
All rights reserved © 2025/ 2026 |
FHCE 3200 EXAM #2 STUDY GUIDE
Questions and Correct Answers/ Latest
Update / Already Graded
Flat tax
Ans: everyone pays the same rate
regressive tax
Ans: low income earners pay a larger proportion of their
incomes in taxes relative to high-income households
Progressive tax
Ans: those with more income pay increasingly higher taxes,
high-income earners pay a disproportionately larger amount of
taxes
different types of taxes
Ans: •Federal income taxes
•State income taxes (where applicable)
•Payroll taxes
•Sales taxes
•Property taxes
All rights reserved © 2025/ 2026 |
, Page |2
form 1040EZ
Ans: simplified tax form for
•single or married-filing-jointly
•income reported from wages or salaries
•standard deduction use
•no dependents
form 1040A
Ans: more complicated than form 1040EZ
•allows other types of income reported (such as tips, interest,
dividends, and scholarships)
•allows the taxpayer to claim more deductions and tax credits
form 1040
Ans: standard tax form everyone can use
•used by the highest-earning households
•also used by households with modest incomes
single
Ans: -not married
All rights reserved © 2025/ 2026 |