What Are Tax Credits? - Definition & Types

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a tax credit?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. Which of the following tax credits should you apply for if you are working but don't earn that much?

2. How much credit can the Lifetime Learning Credit give you?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

The quiz/worksheet combo is a tool designed to assess your familiarity with tax credits and their characteristics. In order to pass the multiple-choice quiz, you need to know what a tax credit is and be able to identify the different types.

Quiz & Worksheet Goals

Examining our materials gives you the opportunity to assess your knowledge of the following topics:

  • The amount a Lifetime Learning Credit can give you
  • Filing statuses that are and are not acceptable for the Child and Dependent Care Credit
  • What a tax credit is
  • The type of tax credit you should try to get if you are working but don't earn a lot of money

Skills Practiced

  • Interpreting information - verify that you can read information regarding the meaning of tax credit and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the different types of tax credits available today
  • Critical thinking - apply relevant concepts to examine information about qualifying for tax credits in a different light

Additional Learning

If you look at the lesson called What Are Tax Credits? - Definition & Types, you can explore more details about these credits. Some goals you can also complete include:

  • See what tax credits go towards
  • Figure out how to file for a tax credit
  • Review characteristics of different tax credits
Support