Focus on Personal Finance (Jack Kapoor 6th Edition-Test Bank.docx

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Focus on Personal Finance (Jack Kapoor 6th Edition-Test BankTo Purchase this Complete Test Bank with Answers Click the link BelowIf face any problem or Further information contact us At [email protected]Sample TestPersonal Finance, 6e(Kapoor)Chapter 3 Taxes in Your Financial Plan1) “Tax Freedom Day” represents how long the average person works to pay her or his taxes each year.
Difficulty: 1 EasyPage Ref: 75Topic: Real and personal property taxes; Sales and excise taxes; Social Security and Medicare taxes; Income tax terminologyLearning Objective: 03-01 Identify the major tax types in our society.Bloom’s: RememberAccessibility: Keyboard Navigation
Gradable: automatic2) An example of an excise tax is Social Security.
Difficulty: 2 MediumPage Ref: 76Topic: Real and personal property taxes; Sales and excise taxes; Social Security and Medicare taxes; Income tax terminologyLearning Objective: 03-01 Identify the major tax types in our society.Bloom’s: UnderstandAccessibility: Keyboard NavigationGradable: automatic3) Individuals are allowed to give money or items of any value to a person without being subject to estate taxes.
Difficulty: 1 EasyPage Ref: 76Topic: Real and personal property taxes; Sales and excise taxes; Social Security and Medicare taxes; Income tax terminologyLearning Objective: 03-01 Identify the major tax types in our society.Bloom’s: RememberAccessibility: Keyboard NavigationGradable: automatic
4) Amounts given for tuition payments or medical expenses are not subject to gift taxes.
Difficulty: 2 MediumPage Ref: 76Topic: Real and personal property taxes; Sales and excise taxes; Social Security and Medicare taxes; Income tax terminologyLearning Objective: 03-01 Identify the major tax types in our society.Bloom’s: UnderstandAccessibility: Keyboard NavigationGradable: automatic5) Determining adjusted gross income is the final step in calculating federal income tax.
Difficulty: 2 MediumPage Ref: 78Topic: Income tax payments and penalties; Income tax preparation and computations; Income tax terminologyLearning Objective: 03-02 Calculate taxable income and the amount owed forfederal income tax.Bloom’s: UnderstandAccessibility: Keyboard Navigation
Gradable: automatic6) Cash and prizes won on television game shows are subject to both federal and state taxes.
Difficulty: 2 MediumPage Ref: 78Topic: Income tax payments and penalties; Income tax preparation and computations; Income tax terminologyLearning Objective: 03-02 Calculate taxable income and the amount owed forfederal income tax.

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