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
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
