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Busn 380 11616 Personal Financial Planning Quiz 2

1114 words - 5 pages

1. Question :
(TCO 2) This type of tax is assessed on specific goods and services at the time of purchase.

Student Answer: Estate
Inheritance
CORRECT Excise
General sales
Value added
Instructor Explanation: Chapter 4, page 106
Points Received: 1 of 1
Comments:

Question 2. Question :
(TCO 2) A $3,000 deposit to a tax-deferred retirement account for a person in a 25% tax bracket would result in a reduced tax bill of

Student Answer: $3,000.
$2,250.
$1,500.
CORRECT $750.
$300.
Instructor Explanation: Chapter 4, pages 109, 112–113
Points Received: 1 of 1
Comments:

Question 3. Question :
(TCO 2) A person ...view middle of the document...

Question :
(TCO 2) An example of a(n) _____ is a tax-deferred retirement plan.

Student Answer: exemption
CORRECT tax shelter
passive income
itemized deduction
tax credit
Instructor Explanation: Chapter 4, page 109
Points Received: 1 of 1
Comments:

Question 7. Question :
(TCO 2) An example of an itemized deduction expense is _____.

Student Answer: travel to work
life insurance premiums
CORRECT real estate property taxes
a driver's license fee
Instructor Explanation: Chapter 4, page 109
Points Received: 1 of 1
Comments:

Question 8. Question :
(TCO 2) Michele Barbour is considering an additional charitable contribution of $1,500 to a tax-deductible charity, bringing her total itemized deductions to $12,000. If Michelle is in a 28% tax bracket, and is not subject to a phaseout of deductions, how much will this $1,500 contribution reduce her taxes?

Student Answer: $0
CORRECT $420
$1,080
$1,860
$3,360
Instructor Explanation: Chapter 4, page 109
Points Received: 1 of 1
Comments:

Question 9. Question :
(TCO 2) In order for a dependent to qualify as an exemption, he or she must

Student Answer: be married.
CORRECT receive more than one half of his or her support from the taxpayer.
be under age 16.
INCORRECT be registered in school.
be a relative.
Instructor Explanation: Chapter 4, page 111
Points Received: 0 of 1
Comments: receive more than one half of his or her support from the taxpayer. Chapter 4, page 111

Question 10. Question :
(TCO 2) A tax credit of $100 for a person in a 15% tax bracket would reduce a person's taxes by

Student Answer: INCORRECT $15.
$28.
$85.
CORRECT $100.
$0.
Instructor Explanation: Chapter 4, page 113
Points Received: 0 of 1
Comments: $100. Chapter 4, page 113

Question 11. Question :
(TCO 2) A person is best served by investing in _____ when interest rates are rising.

Student Answer: CORRECT short-term savings instruments
long-term savings instruments
short-term loans
variable-rate loans
Instructor Explanation: Chapter 5, page 144
Points Received: 1 of 1
Comments:

Question 12. Question :
(TCO 2) When one obtains the services from a(n) _____, traditionally he or she will have access to the greatest variety of financial services.

Student Answer: credit union.
investment company.
mutual savings bank.
savings and loan association.
CORRECT commercial bank.
Instructor Explanation: Chapter 5, page 145
Points Received: 1 of 1
Comments:

Question 13. Question :
(TCO 2) An example of a place where one will encounter high fees for loans when borrowing money is a _____.

Student Answer: INCORRECT credit union
...

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