What happens if the government overestimates your taxable income?

Taxation Concepts and Consequences

Interactive Video
•
Business
•
9th - 10th Grade
•
Hard

Liam Anderson
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are exempt from taxes.
You get a tax penalty.
You pay more taxes.
You receive a tax refund.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do people keep receipts for tax purposes?
To qualify for loans.
To avoid paying taxes.
To increase their income.
To declare deductions.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to declare all sources of income?
To qualify for government benefits.
To avoid tax fraud.
To increase your tax refund.
To reduce your taxable income.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do if you have income from non-employment sources?
Ignore it for tax purposes.
Declare it to the government.
Hide it to avoid taxes.
Use it to reduce your tax rate.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the consequence of not declaring all your income?
Your tax rate will decrease.
You will be exempt from future taxes.
You may face legal penalties.
You will receive a larger tax refund.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the legal term for not reporting all your income?
Tax evasion.
Tax fraud.
Tax avoidance.
Tax exemption.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a benefit of paying taxes?
Access to public services.
Exemption from future taxes.
Higher interest rates on loans.
Increased personal savings.
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