Match the descriptions to their correct term by choosing from the drop-down menu. Continue to Part 2 or, to assess your answers, click the Check My Answers button at the bottom of the page.
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Answer True or False for the following statements. To assess your answers, click the Check My Answers button at the bottom of the page.
- People who owe less in taxes than the amount of the credit due to them benefit from a refundable tax credit.
- There is no tax credit for expenses that occur after four years of college.
- Taxpayers who purchase their first home to be used as a rental property may qualify for the First-Time Homebuyer credit.
- The child tax credit is meant to offset most childcare expenses.
- Two examples of refundable credits are the First-Time Homebuyer credit and the Making Work Pay credit.
- A federal budget surplus occurs when the government's expenses surpass revenues.
