Economics

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1) In which of the following situations would someone have to pay a gift tax?

A. A relative dies and leaves you $13,000 in the will.

B. Your cousin gives you a car worth $1,700.

C. Your grandmother gives you $13,000 toward college. <<---

2)Which of the following has contributed to a recent banking crisis?

A. sub-prime mortgages <<---

B. wildcat banks

D. greenbacks

3)Why is the federal income tax a progressive tax?

A. A higher income has more deductions.

C. Corporations can lower their taxable income.

D. A higher income pays a higher percentage in taxes. <<<----

4)About half of all federal discretionary spending goes towards

A. Social Security.

B. civilian salaries.

C. education.

D. defense. <<---

5)What happens to the percentage of an income that is taxed when income rises and the tax is a proportional one?

A. The percentage of tax falls.

C. The percentage rises and then falls.

D. The percentage of tax stays the same.
i think its D, The last one :)

please tell me if im right or wrong. :) Thank you! and yeah... if im wrong could u give me some website or explain it to me?

  • Economics -

    1) I disagree.
    http://www.irs.gov/businesses/small/article/0,,id=108139,00.html

    2), 3), 4) I agree.

    5) I don't know.

  • Economics -

    Thank you, Ms. Sue. Appreciate it! :D

  • Economics -

    You're very welcome, Halima.

  • Economics -

    In which of the following situations would someone have to pay a gift tax?
    A. A relative dies and leaves you $13,000 in the will.
    B. Your cousin gives you a car worth $1,700.
    C. Your grandmother gives you $13,000 toward college.
    D. Your cousin gets a job paying $32,000 a year.


    i choose b am i correct?

  • Economics -

    I believe the answer is A

  • Economics -

    answer is a sarah

  • Economics -

    B. Your cousin gives you a car worth $1,700.

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