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BUSN 380 Week 2 Quiz Set 2
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BUSN 380 Week 2 Quiz Set 2

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Question 1. (TCO 2) In order to best compare the earnings for different savings plans, one can refer to each plan's 

       discounted present value.

       compounded rate of return.

       net present value.

       annual percentage yield.

       after-tax rate of return.

 

Question 2. (TCO 2) Interest earnings of $2,400 from a taxable investment for a person in a 28% tax bracket would result in after-tax earnings of 

       

Question 3.3. (TCO 2) _____ can reduce taxable income. 

       Portfolio income

       Tax credits

       Exclusions

       Passive income

       Earned income

 

Question 4.4. (TCO 2) Whenever an individual takes on a personal effort and receives money, this is reported as _____ income. 

       passive

       earned

       portfolio

       excluded

       capital gains

 

Question 5.5. (TCO 2) George Washburn had earnings from his salary of $44,000, interest on savings of $800, a contribution to a traditional individual retirement account of $2,000, and dividends from mutual funds of $600. George's adjusted income (AGI) would be 

       $43,400.

       $44,000.

       $45,400.

       $42,000.

       $42,800.

 

Question 6.6. (TCO 2) _____ can be calculated as a result of various items being subtracted from gross income, such as individual retirement account contributions and alimony payments. 

       Adjusted gross income

       Taxable income

       Earned income

       Passive income

       Total exclusions

Question 7.7. (TCO 2) When filing your taxes, a set amount on which no taxes are paid is called _____. 

       itemized deductions

       withholding

       an earned tax credit

       the standard deduction

       capital gains

 

Question 8.8. (TCO 2) Taxes owed can be reduced through _____. 

       the standard deduction

       a tax credit

       an itemized deduction

       an exclusion

       an exemption

 

Question 9.9. (TCO 2) _____ would qualify a person for an exemption when computing taxable income. 

       Mortgage interest

       A tax shelter

       A dependent

       Charitable contributions

       Passive income

 

Question 10.10. (TCO 2) Generally, the way most people pay federal income tax is by 

       paying the total amount owed by April 15.

       filing quarterly tax payments.

       having amounts withheld from income.

       earning tax credits for various deductions.

 

Question 11.11. (TCO 2) If you expect interest rates will decline over the next few months, you should use a(n) _____ to maximize your earnings. 

       regular savings account

       interest-bearing checking account

       5-year certificate of deposit

       6-month certificate of deposit

       money market fund

 

Question 12.12. (TCO 2) An example of a _____ deposit is a checking account. 

       common

       time

       current

       loan

       demand

 

Question 13.13. (TCO 2) When profits are generated by a mutual savings bank, they will go to the 

       creditors.

       loan applicants.

       stockholders.

       depositors.

       community in which it operates.

 

Question 14.14. (TCO 2) _____ are the major products offered by investment companies. 

       Interest-bearing checking accounts

       Variable-rate loans

       Credit card accounts

       Savings bonds

       Mutual funds

 

Question 15.15. (TCO 2) One of the characteristics of a certificate of deposit is that it can have 

       high interest-rate risk.

       low safety for savers.

       limited liquidity.

       a variable rate of return.

       no minimum deposit amount.

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