Personal finance (Acellus)
A child tax text credit deduction would show up on which form
1040
When your finances get more complicated what must be filed
1040EZ is not the best option
Most single people use what tax form to file federal income tax
1040ez
Which of the following tax forms is used by companies to report funds paid to an independent contractor for one single job
1099
FC
24 600 .02
The majority of people in the United States fall into what individual tax bracket
25%
Fc
330 .01 11,000
FC P
750 5,000 5%
What is a person tax bracket based on
A person income
What determines if a person will receive a tax return
A person income and the amount of taxes they have already paid
When compared to a federal return which of the following is true about a state tax return
A state return is less complex than a federal
Which of the following best describes the concept of APR
APR is the percent of interest you're going to pay
The truth in lending acts applies to what
All loans
What should you do if you choose to have credit card
Always pay the full amount on time
The money it cost to borrow money is called what
Annual percent rate
If you put part of your income into 401k and have it taken directly from your paycheck each month that money is removed in what way
Before taxes
Which will be the best choice of financial institutions have your money invested in the stock market
Brokerage firm
Which Financial institution would be most likely to invest a persons money in the stock market
Brokerage firms
Which group of banks would be the least likely to work with individuals to give them an auto loan
Brokerage firms and commercial banks
Which kind of insurance has investment account extra account
Cash value
Which of the following agencies are in charge taking local income tax
City government
If you are looking for a larger less personal bank that handles business and corporations instead of individual accounts you would need to choose which of the following
Commercial bank
Which bank is the largest in size as well also handling the business of large corporations
Commercial banks
In which type of bank do you need to be a member who is allowed to join via application
Credit union
What kind of insurance pays your house mortgage if you are injured
Disability
Which of the following is a correct way to file a federal tax return
Electronically online
A 1040 form can only be used on which kind of return
Federal
Why do people itemize on their tax return
Federal
Federal tax dollars Help paid for all of the following is out which one
Federal employees
Which health benefit has people add money ahead of time to be used only for healthcare is expenses
HSA
What is the best idea when you are filing out of Tax forms for the very first time
Have someone who experience check your refunds before you file
What does an annual percentage rate help the borrower know
How much a bank will charge in interest each year
What is it important to find out before you apply for credit card
If the company charges a fee
How can health care cost impact a persons tax return
It can be used as tax deduction
Which of the following is true regarding the credit limit on a credit card
It is decided by the bank that issues the card
When does a person find out their credit limit
It is known to them as soon as the card is received
Which beat described an annual percentage rate
It is the money it cost to borrow money
Which of the following bets describes what a tax bracket is
It is the percentage each person will pay
What is APR
It's the percentage you pay on loan
Which of the following is filed in the city or town you live in only
Local tax forms
When does apr not apply
Money from a family membe r
What is true about most credit cards today
Must no longer charge annual fees
Which of the following is true about apr
Occurs when money is borrowed from the bank
To encourage a person to transfer other loans to their card a credit card company may do what
Offer a 0% APR for a short time
Which kind of insurance covers "out of network" health care
PPO
Which of these can help to lower the interest of a mortgage loan
Points purchased
When you walk into a bank and go up to a loan officer to apply for a home mortgage you are in what type of institution
Savings and loans bank
Which types of bags are you most likely to find your local neighborhoods
Savings and loans bank
What often determine the type of federal tax form you need to complete
Size of family
Which of the following would be a reason credit card companies give a high credit limit
So they will charge more than what they can afford meaning they must pay high finance charges
Which of the following will not fall under a deductible item on a tax return
Social security payments
What time of the year does tax day start
Spring
What kind of life insurance must be renewed upon the completion of the policy.
Term
What determines how much state tax you have will wind up paying
The actual state you live in
After submitting your income your tax form will ask you to provide what piece of information
The amount of money you paid in taxes the past year
Which of the following best describes the concept of a grace period
The amount of time the bank allows before they charge interest
Which of the following is considered a point on a home mortgage
The amount paid in advance of the loan in order to lose interest rate
Most banks will not allow you to charge more then your credit limit. However, if bank allows an overdraft to occur, what will also happen?
The bank will charge you a fee
What happens if you still have a balance on your credit card after the company starts charging you interest
The bank will make money from the interest rates you pay
If you try to charge more than is allowed on your credit card, what will bank company do?
The charge will be declined
What must be true in order for a family to receive a child tax credit
The children must be a certain age and live with the family
Which of the following is the best way to think about high credit limits
The limit is a safety net you have to use for an emergency
When people retire and access their 401kb investments what happens to the taxes on that money
The money is taken out before you are taxes on it
The more a person carries over a credit card balance from month to month without paying it off
The more money the bank will make in interest fees
What is true if a credit card charges no interest for the first year
The only money you owe the first year is the money you spent
When you qualify for social security payment who is paying the money your receive
The people who work right now pay social security
All of the following are true for those who are not responsible with credit except which one
They charge fewer items
What is normally the case if credit card company charges an annual fee
They charge you a larger fee for the year
Which of the following is true of savings and loan banks
They focus on individuals and families
What does a credit card company hope happens during the 12 months they offer 0% interest
They hope you charge a balance you can't pay off
Credit card companies that offer a perk usually do so with what in mind
They plan to charge an annual fee
How does the government help to protect money we put into banks
They put law ins place restricting what banks can do and how much they can loan
The 30 years would be considered what part of the loan
Time
What is the purpose of the 1099 MISC form
To show additionally income you earned from a contracted job
Which of the following best describes the concept of tax planning
Using your money in ways to lower your amount of taxes your going to pay
When will a higher limit help your credit score
When you have credit you are not using
Property mortgage insurance is an insurance cost the bank charges if which of the following circumstances is true
You are borrowing over 80% of the worth of your home
Anytime you gain income from being paid for a job in cash money what is true about filling your taxes
You don't need to file tax forms from cash money
What is a benefit if you file your tax return electronically
You save money sine there is a extra charge to send it by mail
If your money is invested into a retirement plan how you are allowed to subtract the invested amount
You should subtract the amount before taxes
If you own a home you may qualify for deduction if which of the following is true
You update to energy efficient appliances such as a new furnace
What will occur if you pay your credit card each month
You will avoid having to pay interest fees
The general rule when it comes to your tax bracket is what will happen when you make more money
You will have a higher percent in taxes
FDIC (Federal Deposit Insurance Corporation)
an agency developed by the federal government to regulate banking and and investment activivties