Chapter 1-6 test review

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Tax credit reduces your?

Tax Liability

A debt safety ratio of 15% would generally be a signal of financial trouble ahead

False

A home and land should be recorded on the personal balance sheet at their original cost

False

A saving account may be useful tool in managing everyday household transactions

False

Credit reports on individual borrowers are issued by credit card issuers

False

Income shifting refers to the process of transferring income form the taxpayer to the IRS

False

Interest you earned on your saving account would be an item listed on your personal balance sheet.

False

Marginal tax and average tax rate refer to the same thing

False

Tax avoidance is illegal, tax evasion is illegal

False

The Internal Revenue Service is responsible for making changes to the federal income tax codes

False

There is no limit on the amount of social security tax withheld annually.

False

When the income and expense statement indicates a cash surplus, this may be used to increase net worth by increasing assets or decreasing liabilities.

True

Dividends received from the stock you own will be taxable income

True

Most credit unions provide their members with deposit insurance

True

Negative amortization is possible with an adjustable rate mortgage.

True

Jon Anderson deposited $10,000 in a CD for 3 years at 5%. It should now be worth?

$11,576

Mandy and Jeff have a net worth of $25,000 and total assets of $140,000. what are their total liabilities?

$115,000

A deposit of $6000 saved in a CD for 10 years at 3% compounding annually will be worth?

$8,064

You made an error when you filed your tax return last year. You can correct error by filing Form

1040X

You have no employer provided pension plan; your IRA contributions are treated as

An adjustable to gross income

You would typically not include ____ in your gross income.

Life insurance death benefit payments

Which of the following is true regarding auto loans?

Longer term, Higher rate, Lower payment

In which of the following situations would you have pay additional money when returning a vehicle using a closed-end lease

Mileage limits were exceeded

A check you wrote to buy shoes last week has not yet been processed by the bank. It is said to be in?

Outstanding

____ can be deducted on your federal tax return

Property Tax

_____ would not be listed as a liability on your personal balance sheet

Savings Account

Molly and Jason were married. Their only dependent was Spot, their black standard poodle. Jason died in 2013. Assuming Molly does not remarry, in 2014 the only legal filing status for Molly will be:

Single

Budgets are

forward-looking


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