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BUSN 380 Week 2 Quiz Set 1
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BUSN 380 Week 2 Quiz Set 1

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Question 1. 1. (TCO 2) This type of tax is assessed on specific goods and services at the time of purchase. 

        Estate

        Inheritance

        Excise

        General sales

        Value added

Question 2. 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 

        $672.

        $1,728.

        $2,400.

        $3,333.

        $8,571.

Question 3. 3. (TCO 2) _____ can reduce taxable income. 

        Portfolio income

        Tax credits

        Exclusions

        Passive income

        Earned income

 

 

Question 4. 4. (TCO 2) Mary has earned money from a limited partnership, so she would need to report this as _____ income. 

        passive

        capital gain

        portfolio

        earned

        excluded

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) Expenses that a taxpayer is allowed to deduct from adjusted gross income are called _____. 

        exemptions

        exclusions

        itemized deductions

        tax credits

        passive income

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) In order for a dependent to qualify as an exemption, he or she must 

        be married.

        receive more than one half of his or her support from the taxpayer.

 

        be under age 16.

        be registered in school.

        be a relative.

 

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) A(n) _____ is an all-purpose account that provides several services. 

        NOW account

        asset management account

        EFT account

        mutual fund

        money market account

 

Question 12. 12. (TCO 2) An example of a _____ deposit is a checking account. 

        common

        time

        current

        loan

        demand

 

Question 13. 13. (TCO 2) Compared to other financial institutions, credit unions provide an advantage in the area of 

        interest-bearing checking accounts.

        low-cost personal loans.

        flexible-rate loans.

        credit cards.

        variable-rate savings plans.

 

 

Question 14. 14. (TCO 2) _____ refers to the business hours and location of a financial institution and can be an important factor when it comes to consumer selection. 

        Safety

        Cost

        Compounding

        Liquidity

        Convenience

 

Question 15. 15. (TCO 2) A saver seeking a high rate of return would usually earn the highest rate by investing in a(n) 

        certificate of deposit.

        debit account.

        passbook account.

        share account.

        NOW account.

Question 16. 16. (TCO 2) U.S. savings bonds provide the following advantage. 

        Interest earned is exempt from federal income taxes.

        Interest earned is deferred for federal tax purposes.

        A constant rate of earnings

        They can be converted to other types of investments.

Question 17. 17. (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 18. 18. (TCO 2) At times, funds deposited in an account may be restricted by_____. 

        a holding period

        outstanding checks

        interest earned

        service charges

        electronic banking

 

Question 19. 19. (TCO 2) Service fees would be _____ in the bank reconciliation process. 

        added to the bank statement balance

        subtracted from the bank statement balance

        added to the checkbook balance

        subtracted from the checkbook balance

 

Question 20. 20. (TCO 2) When an individual borrows money to purchase a new home, he or she will be charged a _____. 

        prime rate

        discount rate

        mortgage rate

        Treasury bond rate

        corporate bond

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