Question

FICA” stands for the law that created __________.
A Sales taxes
B Excise taxes
C Social Security
D Individual Income taxes
Which tax would be expected to pay as a student?
A sales tax
B income tax
C property tax
What is the name of the kind of tax that is placed on the production of a specific good (such as gasoline)?
A sales tax
B excise tax
C income tax
D progressive tax
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Answer 1

1. C — Social Security (FICA = Federal Insurance Contributions Act, funds Social Security/Medicare)
2. A — Sales tax (students commonly pay sales tax on purchases)
3. B — Excise tax (tax levied on production/sale of specific goods like gasoline)