Income, Sales, Property, Corporate Tax Quiz for Intro to Business

📚 Quick Study Guide

• 💰 Income Tax: Tax levied on earnings.
• 🧾 Sales Tax: Tax on goods and services at the point of sale.
• 🏢 Property Tax: Tax on real estate and other property.
• 📊 Corporate Tax: Tax on a company's profits.
• 📈 Tax Deductions: Expenses that reduce taxable income.
• 📉 Tax Credits: Direct reductions in tax liability.
• 📅 Tax Year: The annual period for calculating taxes.

📝 Practice Quiz

1. Which type of tax is levied directly on an individual's earnings?
   1. Sales Tax
   2. Income Tax
   3. Property Tax
   4. Corporate Tax
2. A tax on goods and services purchased by consumers is known as:
   1. Income Tax
   2. Property Tax
   3. Sales Tax
   4. Corporate Tax
3. Which tax is typically associated with real estate?
   1. Sales Tax
   2. Income Tax
   3. Property Tax
   4. Corporate Tax
4. A tax imposed on the profits of a company is called:
   1. Sales Tax
   2. Income Tax
   3. Property Tax
   4. Corporate Tax
5. What is an example of a tax deduction?
   1. A discount on a product
   2. An expense that reduces taxable income
   3. A direct reduction in tax liability
   4. A government subsidy
6. Which of the following directly reduces the amount of tax owed?
   1. Tax Deduction
   2. Tax Credit
   3. Tax Exemption
   4. Tax Deferral
7. What time frame does a tax year usually cover?
   1. A calendar month
   2. A fiscal quarter
   3. An annual period
   4. A semi-annual period