Basic Tax Laws Quiz 1 PDF

Module Name: BASIC TAX LAWS Quiz No: 1 Question Type: Single choice You will get a +1 for a correct answer and -0.5 for skipping or a wrong answer. Serial No 1. 2. 3. 4. 5. 6. 7. 8. 9. Question What does a tax preparer do? A. Prepare taxes for the government to use B. Prepare tax returns fo...

Module Name: BASIC TAX LAWS Quiz No: 1 Question Type: Single choice You will get a +1 for a correct answer and -0.5 for skipping or a wrong answer. Serial No 1. 2. 3. 4. 5. 6. 7. 8. 9. Question What does a tax preparer do? A. Prepare taxes for the government to use B. Prepare tax returns for individuals or small businesses C. Help people understand the concept of taxes D. Help families pay their taxes To file tax returns on behalf of clients, they must be registered with the IRS. A. True B. False Income tax isA. Money your employer pays to you B. Money you earn and put into the bank C. Tax paid on the money you earn annually Tax preparers might start a business specializing in tax filing. A. True B. False The tax season usually kicks off in ______ of each year. A. January B. February C. March D. June Tax preparers aren’t in charge of confidential information. A. True B. False What are taxes? A. money paid to the government on special holidays B. money paid to the government for donations C. money paid to the government for goods and services D. money paid to the government for vacations Tax experts aren’t in charge of filing clients' federal and state tax returns. A. True B. False It is a term for when a taxing authority, usually a government, levies or imposes a tax. B A C A A B C B D Answer 10. A. Tax payers B. Tax Credits C. Tax rate D. Taxation The most fundamental function of taxes is to support government A spending. A. True B. False