Personal Finance Chap 10 Review Exam Questions Correctly Answered.

Personal Finance Chap 10 Review Exam
Questions Correctly Answered.

Each year, taxpayers submit a(n) _____ to the IRS with the goal of getting as close to zero as possible. -
CORRECT ANSWER tax return



Due to recent tax reforms, most tax filers can just take the _____ when filing their taxes. - CORRECT
ANSWER standard deduction



The taxes you pay for snacks and other items at a gas station are an example of ____ . - CORRECT
ANSWER sales tax



_____ is money you make from working at your job. - CORRECT ANSWER earned income



The 12-month period used for reporting financial activity is known as a(n) ____ . - CORRECT ANSWER
fiscal year



An example of a(n) ____ is the taxes you pay on the fuel you purchase for your car at a gas station. -
CORRECT ANSWER excise tax



If a long-lost relative or friend were to leave you a lot of money, you might have to pay a(n) ____ . -
CORRECT ANSWER inheritance tax



Planning to spend more money than you actually have coming in is called ____ . - CORRECT ANSWER
deficit spending



_____ is money you make from your investments. - CORRECT ANSWER portfolio income



The IRS may conduct a(n) _____ of a person's tax return to check the accuracy of the figures. - CORRECT
ANSWER audit