Chapter 11 Dave Ramsey Exam Questions and Answers

Chapter 11 Dave Ramsey Exam Questions and Answers The Internal Revenue Service (IRS) is the federal government agency responsible for: - Answer️️ -Tax collection and tax law enforcement What is the difference between gross pay and net pay - Answer️️ -Net pay describes your pay after deductions; gross pay is before Sales tax and excise tax are both taxes on - Answer️️ -Consumption Which of the following should not be a major consideration when it comes to selecting your career path - Answer️️ -What your parents think you should do Which of the following are characteristics of an effective personal goal - Answer️️ -It should be measurable and specific Which of the following statements about goal setting is false - Answer️️ -Once youʹve written your goals down, you should put the list away and check it in a year to see if youʹve achieved them. When it comes to mentoring, you should not - Answer️️ -Find and keep a single mentor When applying for a job, you should - Answer️️ -All of the above During your first interview with a company, you should not - Answer️️ -Ask about salary The government relies on taxes to - Answer️️ -Pay for services such as roads, education and social services The day that income tax filings are due in the United States - Answer️️ -April 15 When a company hires you, you will fill out a form. The information on this form is the basis for determining how much income tax should be withheld from your paycheck. - Answer️️ -W-4 This tax pays for benefits that workers and families receive for either Social Security or Medicare - Answer️️ -Federal Insurance Contribution Act (FICA) Income generated by selling an investment at a higher price than you paid for it - Answer️️ -Portfolio income Which of the following statements about taxes is false - Answer️️ -Not all types of income are taxed; while earned income and passive income are taxed, portfolio income is not taxed. The amount of money a profession brings should be your first priority in selecting your career path. - Answer️️ -False Since the job market constantly changes, odds are that you will work in more than one career field in your lifetime. - Answer️️ -True