1.The federal income tax is

a. integrative.

b. a flat rate

c. none of these

d. progressive

2.Your ____ is an example of a liquid asset.

a.home

b. car

c. life insurance

d. change account

3.The balance sheet describes a family's wealth

a. at a certain point in time.

b.as a time period less than one year.

c. at a future time

d. none of these

4.Federal income taxes are

a.generally the largest tax you'll pay.

b.not required to be paid until after you are 18 years old

c. assessed at a lower rate for households that have higher income