PF Ch 3 Review

Front

Federal income taxes are regressive.

Back

False

Front

Consumption taxes are taxes on goods and services.

Back

True

Front

On a local level, taxes pay for services such as education, parks, roads, and police, fire, and health departments

Back

True

Front

In the United States, both businesses and individuals pay income taxes and must file income tax returns each year.

Back

True

Front

Revenue bills must pass a vote in the Senate and then be signed by the President before they become law.

Back

False

Front

When government spends more than it receives in revenue, it has a surplus.

Back

False

Front

In the United States, all citizens are expected to prepare and file tax returns on their own without being forced to do so by the government.

Back

True

Front

If you file a joint tax return, you can take an exemption for your spouse.

Back

True

Front

Only married taxpayers qualify for the head of household filing status.

Back

True

Front

All forms of income are taxable and must be reported to the IRS for tax purposes.

Back

False