Personal Finance True or false section

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Personal exemptions are tax deductions based on the number of taxpayers and dependents in the taxpayer's household

True

Tax avoidance is legal, tax evasion is illegal.

True

A credit limit refers to the maximum amount the cardholder can owe the issuer at any point in time

False

A long-term capital gain, a investment held for more than 12 months, would be taxed at the same rate as earned income

False

As a single taxpayer with no dependents, one is generally eligible to file as "head of household."

False

Having a checking account tells a creditor that you have some experience in managing your own funds

True

Having arranged and fully repaid a small loan should help improve creditworthiness.

True

A short-term capital gain, a investment held for more than 12 months, would be taxed at the same rate as earned income

False

Credit cards with very low minimum balance requirements are in the consumer's best interest

False

Gift recieved from family and friends are included in gross income

False

If you are married, you can legally file a single tax return

False

Income tax refunds are automatically sent to those who qualify for refunds no later than April 15.

False

It is safe, and often required, to give your social secrurity number as a form of identification when using a credit card

False

Marginal tax and average tax rate refer to the same thing

False

One's marginal tax rate is typical lower than one's average tax rate

False

Paying only the minimum payment each time on a credit card usually enables one to pay off the balance fairly quickly

False

The Internal Revenue Service is responsible for writing the federal income tax codes

False

The personal exemption for a student can be taken both by the parent and by the child

False

There is no limut on the amount of social security withheld annually

False

Individuals with better credit ratings usually secure higher credit limits

True

The Federal personal income tax is a progressive tax

True

A credit report is routinely used to predict credit worthiness

True

An investment must be owned over one year in order to qualify for long-term capital gains treatment

True

By filing a tax extension, one does not have to pay his income tax liability until August 15

True

Estimated tax payments must be made by those who do not have taxes deducted from thier earnings

True

If you are eligible to recieve a tax refund, you will have to file a tax return to get the refund

True

The main objective of tax planning is to maximize the amount of money you keep by minimizing the amount of taxes you pay

True

The most common forms of open account credit are bank credit cards and retail charge cards

True

The purpose of a credit card report is to evaluate the kind of risk you pose to the lender

True

When a child qualifies as a dependent on her parent's return, the child cannot take a personal exemption for herself

True

You should itemize deductions when total itemized deductions exceed the standard deduction.

True

itemized deductions could include certain taxes, medical expenditures, and home mortgage interest

True


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