work

profilestriker101
222222question_1.docx
Home>Business & Finance homework help>work

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)

       high interest-rate risk.        low safety for savers.        limited liquidity.        a variable rate of return.        no minimum deposit amount.

Question 16.16. (TCO 2) U.S. savings bonds provide 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 savings account 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