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CFL Pre assessment Exam Questions with 100% Correct Answers.

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CFL Pre assessment Exam Questions with 100% Correct Answers.

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CFL Pre assessment Exam
Questions with 100% Correct
Answers.
Interest income is earned on money in savings accounts. True or false

true

All interest income is taxable. true or false

False

Tax-exempt interest is not reported on the individual income tax return. True or False

FALSE

Interest received on a certificate of deposit (CD) is

Taxable

Interest received on a bond issued by the state of California to fund school buildings is

Tax-exempt

Interest received on a loan you made to your business partner is

TAXABLE

Interest received on a bond issued by the city of Austin, Texas, for a redevelopment project
is

TAX EXEMPT

Form 1099-INT is used to report interest income. true or false

true

Each dependency exemption decreases income subject to tax.

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