Question 1.1.(TCO 2) A(n) _____ tax is imposed on the value of an individual’s property at the time of his or her death.(Points : 1)
inheritance excise gift personal property estate
Question 2.2.(TCO 2) Interest earnings of $2,400 from a taxable investment for a person in a 28% tax bracket would result in after-tax earnings of(Points : 1)
$672. $1,728. $2,400. $3,333. $8,571.
Question 3.3.(TCO 2) A person has $3,000 in medical expenses and an adjusted gross income of $34,000. If taxpayers are allowed to deduct the amount of medical expenses that exceed 7.5% of adjusted gross income, what would be the amount of the deduction in this situation?(Points : 1)
$225 $450 $2,550 $3,000 $34,000
Question 4.4.(TCO 2) Mary has earned money from a limited partnership, so she would need to report this as _____ income.(Points : 1)
passive capital gain portfolio earned excluded
Question 5.5.(TCO 2) _____ allows for a certain amount of money to be deducted from adjusted gross income, and the total can be based upon yourself, a spouse, and the number of dependents(Points : 1)
A tax credit An exemption An exclusion Earned income Portfolio income.
Question 6.6.(TCO 2) A person’s taxes are affected by an exclusion because(Points : 1)
the amount of taxable income is reduced. itemized deductions will increase. itemized deductions will decrease. a person’s tax rate will be lowered. the number of exemptions a person can claim will increase.
Question 7.7.(TCO 2) Expenses that a taxpayer is allowed to deduct from adjusted gross income are called _____.(Points : 1)
exemptions exclusions itemized deductions tax credits passive income
Question 8.8.(TCO 2) Taxes owed can be reduced through _____.(Points : 1)
the standard deduction a tax credit an itemized deduction an exclusion an exemption
Question 9.9.(TCO 2) In order for a dependent to qualify as an exemption, he or she must(Points : 1)
be married. receive more than one half of his or her support from the taxpayer. be under age 16. be registered in school. be a relative.
Question 10.10.(TCO 2) People who _____ must make estimated quarterly tax payments.(Points : 1)
are employed in a foreign country. receive dividends. work for the government. do not have adequate amounts withheld from income.
Question 11.11.(TCO 2) A person is best served by investing in _____ when interest rates are rising.(Points : 1)
short-term savings instruments long-term savings instruments short-term loans variable-rate loans
Question 12.12.(TCO 2) A notable difference between a lost debit card and a lost credit card is that _____.(Points : 1)
a credit card carries more risk of loss to the cardholder a debit card carries more risk of loss to the cardholder there is no cardholder liability if either type of card is lost there is no difference in liability
Question 13.13.(TCO 2) An example of a place where one will encounter high fees for loans when borrowing money is a _____.(Points : 1)
credit union savings and loan association pawnshop commercial bank mutual savings bank
Question 14.14.(TCO 2) _____ are the major products offered by investment companies.(Points : 1)
Interest-bearing checking accounts Variable-rate loans Credit card accounts Savings bonds Mutual funds
Question 15.15.(TCO 2) One of the characteristics of a certificate of deposit is that it can have(Points : 1)
. low safety for savers. limited liquidity. a of return. no minimum deposit amount.
Question 16.16.(TCO 2) U.S. the following advantage.(Points : 1)
Interest earned is exempt from federal income taxes. Interest earned is deferred for federal tax purposes. A constant rate of earnings They can be converted to other types of investments.
Question 17.17.(TCO 2) A in which interest is compounded _____ would have the highest effective yield.(Points : 1)
daily annually semiannually monthly weekly
Question 18.18.(TCO 2) If a person wants to earn a relatively higher savings rate on his or her money, he or she may select a _____ at a commercial bank(Points : 1)
regular savings account regular checking account share draft money market account
Question 19.19.(TCO 2) Service fees would be _____ in the bank reconciliation process.(Points : 1)
added to the bank statement balance subtracted from the bank statement balance added to the checkbook balance subtracted from the checkbook balance
Question 20.20.(TCO 2) When an individual borrows money to purchase a new home, he or she will be charged a _____.(Points : 1)
prime rate discount rate mortgage rate Treasury bond rate corporate bond
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