CUNA FiCEP CERTIFICATION FINAL EXAM COMPLETE 120 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

CUNA FiCEP CERTIFICATION FINAL EXAM COMPLETE 120 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

### 1. Select the statement that correctly describes a progressive
tax.
**ANSWER:** A progressive tax requires people to pay more
as they earn more.
**Explanation:** A progressive tax is designed so that the tax
rate increases as income rises, meaning higher earners pay a
larger percentage of their income in taxes. This distinguishes it
from flat taxes (same rate for all) or regressive taxes (lower rates
as income increases).
---
### 2. Pick the statement that best describes a regressive tax.
**Correction Needed:** The provided statement, "A regressive
tax charges the same tax rate regardless of the taxpayer's
income," is incorrect based on the thinking trace.
**Correct ANSWER:** A regressive tax charges a lower rate as
income increases.
**Explanation:** A regressive tax takes a larger percentage of
income from lower earners than higher earners, effectively 

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