Dave Ramsey Chapter 10 Post-Test Questions With Verified Answers

Dave Ramsey Chapter 10 Post-Test Questions With Verified Answers A fixed, annual rate of pay that doesn't change by working more or fewer hours is called ____. salary When you make ____ money, you will pay _____ in taxes. More; more Consumption tax pays for things everyone gets to enjoy, like . . . Parks, libraries, and zoos What is the main IRS form that most Americans use to file their taxes? Form 1040 Property tax, inheritance tax, estate tax, and gift tax are all examples of __________. wealth tax When you buy clothes or check out at the grocery store, you will pay _____________. sales tax The money you earn hourly for your time and effort at work is called your _____________. wages When someone says they need to file their taxes, they're talking about filling out a ________. Federal tax return The tax on the purchase of goods or services is called _____________. consumption tax There are two general types of taxes. Taxes on the money you _________ and taxes on the money you ___________. Earn; spend Those who properly fill out their Form W-4 shouldn't have too much or too little taxes withheld. True The deadline for filing your income tax return usually falls on _________. April 15 Withholdings and deductions are . . . Expenses that are taken out of your paycheck Government deficit spending is a good thing because it lowers the amount of taxes that need to be collected. False What does the Form W-4 estimate? How much tax you'll owe based on your personal situation. Wealth taxes are often dependent on _________, so it's a good idea to understand the tax rules ___________. Where you live; in your state Only a few states have inheritance tax, which . . . Requires you to pay tax on an asset you receive when someone passes away What is the total tax a person or business has