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Book/movie review
22/08/2022
Question 1
A budget variance occurs when your actual expenses are ______ than your budgeted expenses.
less
more
different
all of the above
Question 2
Which of the following pays interest that is exempt from state and local taxation?
certificate of deposit
NOW account
series EE bond
inflation.
Question 3
If you write a check or use your debit card when there isn’t enough money in your account to cover the payment, this is known as
being unbanked.
skimming.
a stop payment.
an overdraft.
Question 4
Sophie wrote a check to a contractor who did not complete the job. She would like to make sure the contractor is unable to cash her check. She should go to her financial institution and request a(n)
overdraft protection.
stop payment.
wire transfer.
police report.
Question 5
A money market mutual fund is a mutual fund that invests in
stocks of the 500 largest companies in the United States.
investment quality corporate bonds.
short-term, low risk financial assets such as short-term government bonds.
long-term certificates of deposit.
Question 6
You have invested $1,000 in an account that promises APY of 3 percent per year. Assuming you leave the original investment and all earned interest in the account, and ignoring taxes, how long will it take to double your money?
72 years
24 years
12 years
4.16 years
Question 7
A savings account that pays a stated rate of interest if you agree to leave your money on deposit for a certain period of time is known as a
mutual fund.
series EE fund.
certificate of deposit.
money market account.
Question 8
For an account that compounds interest more often than once per year, the annual percentage yield will be
greater than the stated nominal yield.
less than the stated nominal yield.
equal to the stated nominal yield.
either greater than or less than the stated nominal yield, depending on the current interest rate environment
Question 9
Which of the following types of accounts is not insured for $250,000 by the Federal Deposit Insurance Corporation (FDIC)?
savings account at a commercial bank
money market mutual fund offered by an insurance company
checking account at an online bank
savings account at a savings and loan association
Question 10
Credit unions are a unique type of depository institution because credit unions
are primarily mortgage lenders.
tend to charge higher fees than commercial banks.
are nonprofit.
are insured by FDIC.
Question 11
Simone spent an average of $500 each month on groceries last year for herself and her family. She is now forecasting the family budget for next year. She read that an inflation rate of 5% is expected. How much should Simone budget for the monthly food expense next year?
$500
$525
$750
$475
Question 12
A ________ is an investment company that sells shares to investors and then invests the pool of funds in stocks, bonds, or other assets.
mutual fund
life insurance company
brokerage firm
credit union
Question 13
Which of the following tax credits best applies to a low-income person contributing to an IRA?
lifetime learning credit
retirement savings contribution credit
child tax credit
American Opportunity credit
Question 14
To calculate taxable income, which of the following must be subtracted from adjusted gross income?
adjustments to income
tax credits
FICA payroll tax
personal exemptions
Question 15
___________ taxes are used to finance Social Security and Medicare.
FSSA
FICA
SIS
FDIC
Question 16
Which of the following tax credits best applies to a parent of an undergraduate freshman?
retirement savings contribution credit
American Opportunity credit
lifetime learning credit
child tax credit
Question 17
Jim and Judy file taxes jointly as a married couple. They have a combined adjusted gross income of $97,651. They can claim two exemptions of $4,000 each. Their Schedule A itemized expenses are as follows: Interest on home mortgage, $11,986; Property taxes on home, $3,762; Total medical expenses, $1,345; and Charitable contributions, $900. What is their taxable income?
$71,648
$73,903
$81,003
$73,003
Question 18
To which of the following does the marginal tax rate apply?
last dollar of income
next dollar of income
no dollars of income
first dollar of income
Question 19
Your average tax rate will always be _______ your marginal rate.
the difference between your taxable income and
more than
the same as
less than or equal to
Question 20
Which of the following must be included in total income on federal income tax returns?
child support received
tips and bonuses
worker’s compensation benefits
insurance claim payments
Question 21
Which of the following is the formula for calculating the average tax rate?
taxes paid/taxable income
taxes paid/ adjusted gross income
taxable income/taxes paid
adjusted gross income/ taxes paid
Question 22
If you made a mistake on last year’s tax return, you would file a
W4.
1040A.
1099.
1040X.
1040EZ
Question 23
The reduction in taxes owed as a result of a financial decision is known as the
average tax effect.
progressive tax effect.
opportunity cost
marginal tax effect.
Question 24
What is the FICA payroll tax used to pay for?
neither Social Security nor Medicare
Social Security
both Social Security and Medicare
Medicare
Question 25
Which of the following is an expense that is subtracted from total income to arrive at adjusted gross income?
child care tax credit
lottery winnings
individual retirement account contributions up to the legal limit
long-term capital gains
The writer is very fast, professional and responded to the review request fast also. Thank you.
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