Ready to test your Knowledge?
Try out our new practice tests completely free!
exam preparation banner icon

Personal Finance Study Set 15

Business

Quiz 4 :

Planning Your Tax Strategy

Quiz 4 :

Planning Your Tax Strategy

search
arrow
An estate tax is imposed on the value of an individual's property at the time of his or her death.
Free
True False
Answer:

Answer:

True

arrow
Which type of tax is imposed on specific goods and services,such as gasoline and cigarettes,at the time of purchase?
Free
Multiple Choice
Answer:

Answer:

C

arrow
What type of tax is imposed on the value of an individual's property at the time of his or her death?
Free
Multiple Choice
Answer:

Answer:

E

arrow
The principal purpose of taxes is to:
Multiple Choice
Answer:
arrow
Taxpayers should beware of tax preparers who offer your refund in advance (refund anticipation loans)and charge interest rates exceeding 300 percent.
True False
Answer:
arrow
The principal purpose of taxes is to control economic conditions.
True False
Answer:
arrow
Taxable income is used to compute the amount of:
Multiple Choice
Answer:
arrow
Capital gains refer to profits from the sale of stocks,bonds,or real estate.
True False
Answer:
arrow
Tax avoidance refers to the use of illegal actions to reduce one's taxes.
True False
Answer:
arrow
Tax evasion is the use of illegal actions to reduce one's taxes.
True False
Answer:
arrow
An exclusion is earnings not included in gross income.
True False
Answer:
arrow
The Tax Cuts and Jobs Act simplified the basic form used when filing your taxes,so that there is now only one form,Form 1040,to report your income.
True False
Answer:
arrow
A drawback of Flexible Spending Accounts is that any account funds must be used to pay for expenses incurred before year's end or the money is lost.
True False
Answer:
arrow
State and local governments may impose a personal property tax on the value of automobiles.
True False
Answer:
arrow
A general sales tax is also referred to as an excise tax.
True False
Answer:
arrow
Real estate property taxes are the major source of revenue for local government.
True False
Answer:
arrow
Taxable income is a result of subtracting adjustments to income and standard (or itemized)deductions from gross income.
True False
Answer:
arrow
The ________ property tax is based on the value of land and buildings.
Multiple Choice
Answer:
arrow
An office audit requires that a person visit an IRS office to clarify some aspect of his or her tax return.
True False
Answer:
arrow
A person's filing status is affected by marital status and dependents.
True False
Answer:
Showing 1 - 20 of 116