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FINP 235 EXAM 1 QUESTIONS WITH COMPLETE ANSWERS

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FINP 235 EXAM 1 QUESTIONS WITH COMPLETE ANSWERS

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What percentage of people live in extreme poverty in Kosovo


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8.2%




Appraised value

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May be protested. The deadline to do so is often by may 15 or 30 days after
the notice of the home value was delivered to the property owner




Step 2 of creating a budget


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Track your actual income for income month




What percent of TAMU respondents could answer 3 basic financial literacy questions
correctly


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44%




Federal income taxes are


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Progressive ( as income increases, it is taxed at increasing rates according
to IRS tax bracket)




What is the recommended liquidity

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Professionals: 3-6 moths of expenses. College students $1000




Kosovo is ethnically what percentage of Muslims


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95%




Attainable goals not feeling attainable


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Adjust your goals, change timeline, earn a greater rate of return




What IRS form is used if an employer withholds too much or too little


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Form 1040 must be submitted by April 15




What are adjustments itemized on


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, Schedule one and then that total is transferred to IRS form 1040




Travelers check


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Similar to cashiers check, $20, $50, $100, charged 1% of value of check,
require signatures, accepted everywhere, most helpful in regions w few
ATMs or in emergencies




Sales tax holiday


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Tax free weekend in August




Compound interest can be compounded


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Annually, quarterly, monthly or daily




What is itemized deductions


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