Purpose & Types of Personal Taxes


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question 1 of 3

Which statement is true about sales tax?

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1. Tina sells a candy bar of $1.08 which includes 8% sales tax. She buys the candy for $0.75 and needs to make a $0.30 profit. Is her current price point enough and why?

2. Aaron has worked all of his life and is ready to retire. Why is Aaron currently guaranteed some form of retirement benefit?

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About This Quiz & Worksheet

This asset combination is going to ask you about sales tax, federally implemented taxes, market value, capital gains, and general properties of taxes.

Quiz & Worksheet Goals

To state it expressly, you will be examined on:

  • Functions of sales tax
  • Properties of taxes that benefit federal programs
  • Characteristics of taxes
  • The definition of market value
  • Qualities of capital gains

Skills Practiced

  • Information recall - access the knowledge you've gained regarding characteristics and purposes of taxes
  • Critical thinking - apply relevant concepts to examine information about taxes through a different lens
  • Knowledge application - use your knowledge to answer questions about the functions of taxes

Additional Learning

You've got the opportunity to learn more about taxing with the related lesson named Purpose & Types of Personal Taxes. This lesson will dig deeper into:

  • Types of personal taxes
  • Practical examples of personal taxes
  • Differences between the personal taxes
  • Why we have taxation