FLC-Review #2
Quiz by Kimberly Wilson
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49 questions
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- Q1Which of the following is considered an earned income?DividendsBonusesRentsInterests30s
- Q2Which of the following is NOT a tax use for the federal government?Protecting citizens against neighborhood crimeEstablishing national health programsOffering congressionally mandated programsProviding constitutional functions30s
- Q3Which of the following refers to a range of incomes subject to a certain income tax rate?Tax breaksTax withholdTax bracketsTax exemption30s
- Q4A couple would like file their taxes jointly and their household income is $80,000. According to the segment, what is their tax rate?10 percent24 percent12 percent22 percent30s
- Q5Which of the following forms report an employee’s annual wages and the amount of taxes withheld form his or her paycheck?W-4W-5W-21040-EZ30s
- Q6Which of the following is NOT a savings on a taxpayer’s liability?tax deductionstax creditstax breaksTax brackets30s
- Q7Which of the following types of tax deduction allows the taxpayer to list out all of his or her expenses for the year such as property tax, medical expenses, eligible charity donations, unreimbursed business expense?Standard deductionItemized deductionCharity deductionMedical deduction30s
- Q8Which of the following is an amount of money a taxpayer can subtract from taxes owed to the government?Tax exemptionsTax deductionsTax bracketsTax credits30s
- Q9Which of the following types of tax credits are items directly deducted from the tax liability until the it equals $0?Total refundable creditsNonrefundable tax creditsRefundable tax creditsPartially refundable credits30s
- Q10Which of the following are the most beneficial credits?Refundable tax creditsTotal refundable creditsNonrefundable tax creditsPartially refundable credits30s
- Q11Financial institutions are monitored through which of the following?National Banking Union AdministrationNational Financial Institution AgencyFederal Reserve SystemFederal Deposit Insurance Corporation30s
- Q12Which of the following are meant to store money which is NOT intended for daily expenses?Credit accountsChecking accountsSavings accountsLoan accounts30s
- Q13Financial advisors typically recommend an individual has enough savings to cover at least _____________ months worth of bills.One to twoThree to sixSix to eight12 to 1830s
- Q14Loans have __ interest rates and repayment periods.varyinglowerhigherfixed30s
- Q15An individual who hold legal control of assets in a trust account is known as which of the following?ClaimerControllerDependentBeneficiary30s