Financial success is defined in the text as A) achieving a net worth of $1,000,000 or more. B) maximizing our resource outputs while minimizing our labor risk inputs. C) obtaining maximum benefits from our financial resources. D) happinessthe happier we are, the greater our financial success. ANSWER C
Date: September 19th, 2020
The standard deduction is largest for A) married couples filing jointly. B) those filing as a head of household. C) single filers. D) married individuals filing separately. ANSWER A
Date: September 19th, 2020
Closing costs are also termed A) settlement costs. B) recognition costs. C) listing costs. D) buyer costs. ANSWER A
Date: September 19th, 2020
The socioeconomic system that is likely in the near future will be one where A) government plays a greater role in solving financial problems. B) employers provide greater retirement benefits for their employees. C) families will be more self-reliant for their financial futures. D) huge increases in family savings eliminates the need for financial planning. […]
Date: September 19th, 2020
“Earnest money” is equal to A) the down payment on the home. B) closing costs. C) the deposit on the purchase of the home. D) the sales commission. ANSWER C
Date: September 19th, 2020
The medical expense deduction may only be taken if they were A) incurred during a hospital stay that lasted at least two days. B) more than 2 percent of adjusted gross income. C) more than 7.5 percent of adjusted gross income. D) more than 20 percent of adjusted gross income. ANSWER C
Date: September 19th, 2020
The dollar value of the personal exemptions A) is positively related to taxable income. B) depends only on the number of adults in the household. C) is positively related to the number of dependents. D) will depend upon your tax credits. ANSWER C
Date: September 19th, 2020
Taxpayers should claim itemized deductions only if A) itemized deductions exceed the standard deduction. B) they are also claiming a standard deduction. C) itemized deductions exceed tax credits. D) they use the tax rate tables to calculate their taxes. ANSWER A
Date: September 19th, 2020
Which of the following statements concerning the sale of a home is false? A) The purchase contract places obligations on the purchaser, but not the seller. B) Most home sales are closed without the aid of an attorney. C) Earnest money is returned to the purchaser if the seller does not accept the offer. D) […]
Date: September 19th, 2020
Higher income individuals will tend to prefer investments that avoid or defer taxes. Indicate whether the statement is true or false ANSWER TRUE
Date: September 19th, 2020
