INCOME TAXATION PRE FINALS

QUIZ #6

DIRECTIONS: IDENTIFY

1. Escalating tax - a fee assessed at a greater rate in relation to income

2. Added expense - a fee imposed on purchases, sales, transactions,
imports, and other activities
3. Added-value tax - a tax collected at each stage of the manufacturing
process, excluding expenditures that have already been taxed at earlier
stages.
4. Tax on capital gains- Earnings from the sale of assets are often subject
to taxes.
5. Tax on capital transfers - Beyond a particular value, gifts and
inheritances are frequently subject to a
6. Income tax - the yearly wealth tax levied on persons (in some
countries)
7. Tax fraud - giving tax officials false information
8. Tax evasion - Keeping your tax payments to a legal minimum
9. Depreciation - lowering a fixed asset's value by deducting it from
earnings
10. Disincentive - something that makes a decision less likely