INCOME TAXATION PRE FINALS

QUIZ #7

DIRECTIONS: IDENTIFY

1. Regressive is a term used to describe taxes that are proportionately

greater for those with lower incomes.
2. Spending money on items rather than conserving it is known as
consumption.
3. Working for yourself and being your own boss means you are self-
employed.
4. An income tax known as national insurance is used to fund old-age,
disability, and illness benefits.
5. Non-financial perks are advantages or rewards of a work.
6. Using a tax shelter is one strategy to postpone paying taxes.
7. An adjective indicating expenses that can be deducted from taxable
income or profits is "tax-deductible."
8. Tax havens - A nation with extremely low tax rates for international
companies