I always disliked the way Americans distinguish races.
They say "Asian" to refer to people from China, Korea, Japan, etc, you get the point, while excluding Russians, Indians, Iraqis, etc.
They also say "Hispanic" like everyone who speaks Spanish is culturally similar. The Spaniards are nothing like the "hispanics" in Latin America, and even then, the Uruguayans and Argentines are similar to each other, but totally different from everyone else.
African American... is saying "black" somehow bad now? I've heard them call black Englishmen and actual Africans "african-Americans" and it really gets on my nerves. YOUR PARENTS WERE NOT AFRICAN (most likely). I'm an Argentine, but I don't call myself an Spanish-Italo-Argentine, and I'm sure people from Quebec aren't Franco-Canadians.
EDIT: In fact, I was friends with a Russian guy when I was living in the US, and we both hated the ethnicity system. I made sure to check "Caucasian" (if it weren't for my nationality and accent, you wouldn't be able to tell I'm from South America), and he always checked Asian, just to mess with everyone. It was perfectly justifiable, too.