This quiz works best with JavaScript enabled. Home > Taxation > Income Tax Planning > Income Tax Planning – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Income Tax Planning Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Ali wants to buy a new laptop. He writes down a goal of saving $ 1, 200. What detail is this goal missing? A) It is not time-based. B) It is not realistic. C) It is not attainable. D) It is not measurable. Show Answer Correct Answer: A) It is not time-based. 2. This is our nation's retirement program ..... it helps provide retirement income for elderly and pays disability benefits A) State Tax. B) Social Security. C) 401K. D) Federal Withholding. Show Answer Correct Answer: B) Social Security. 3. Underdevelopment can best be described as ..... A) Lacking development because of colonisation. B) Being poor with widespread starvation. C) Being under resourced as a result of poor economic factors. D) Not having enough money and technology to use resources properly. Show Answer Correct Answer: D) Not having enough money and technology to use resources properly. 4. This singer and songwriter in the early 1990s, reigned as America's most popular rap artist. He had great success with a megahit album, "Please Hammer, Don't Hurt 'Em, " and a hit single, "U Can't Touch This." A) New Edition. B) Bobby Brown. C) MC Hammer. D) None of above. Show Answer Correct Answer: C) MC Hammer. 5. What is not considered an advantage to owning a home? A) Building equity. B) Appreciation. C) Maintenance costs. D) None of the above. Show Answer Correct Answer: C) Maintenance costs. 6. The following are types of personal relief for resident individuals in tax calculation.I. Purchase of booksII. Takaful/insurance payment for medical benefitsIII. Medical expenses for parentsIV. Amount deposited in unit trust A) II and III. B) II, III, and IV. C) I, II, and III. D) All the above. Show Answer Correct Answer: C) I, II, and III. 7. A comprehensive strategy designed to help individuals achieve specific financial goals and prepare for unexpected life challenges or events. A) Financial Plan. B) Budget. C) Wealth Management. D) Investment. Show Answer Correct Answer: A) Financial Plan. 8. If actual spending is greater than planned spending, it is referred to as a A) Surfeit. B) Liability. C) Surplus.. D) Deficit. Show Answer Correct Answer: D) Deficit. 9. Why is putting even a small amount into savings from every paycheck a smart money habit? A) Because it allows you to pay all of your bills. B) Because even small amounts add up with interest. C) So you will be prepared for every emergency expense. D) Because it is a quick way to improve your credit score. Show Answer Correct Answer: B) Because even small amounts add up with interest. 10. "Put your money to work for you" A) Investment. B) Budget. C) Financial Planner. D) Gold. Show Answer Correct Answer: A) Investment. 11. The risk is shared among all the takaful participants is the best to define A) Risk sharing. B) Risk management. C) Risk transfer. D) Risk retention. Show Answer Correct Answer: A) Risk sharing. 12. Making sure that your financial affairs are in order when you die. A) Estate Planning. B) Financial Advisor. C) Budget. D) Wealth Management. Show Answer Correct Answer: A) Estate Planning. 13. Following are types of risk management I. Risk avoidance II. Risk retention III. Risk sharing IV. Risk transfer A) I and II only. B) I, II and III. C) I, II and IV. D) All the above. Show Answer Correct Answer: D) All the above. 14. The standards used to determine what is important to a person. A) Do unto others. B) Goals. C) Assets. D) Values. Show Answer Correct Answer: D) Values. 15. The initial amount of money borrowed or saved. A) Principal. B) Interest. C) Tax. D) Rate. Show Answer Correct Answer: A) Principal. 16. Which is a personal record A) Personal property inventory. B) Income and expense records. C) Net worth statements, tax records, car titles, insurance polices. D) All of these. Show Answer Correct Answer: D) All of these. 17. What are the school colors A) Blue and gold. B) Navy blue and white. C) Carolina blue and white. D) None of above. Show Answer Correct Answer: B) Navy blue and white. 18. Causes of tax evasion- A) Higher Tax rates. B) Complexities of provisions. C) Corruption. D) All the above. Show Answer Correct Answer: D) All the above. 19. Which of the following best describes a budget? A) A financial tool for consumers with little money. B) A plan for saving and spending money. C) A set of restrictions on how to spend money. D) A statement of your assets and liabilities. Show Answer Correct Answer: B) A plan for saving and spending money. 20. When renting a home, what term refers to the owner of the home? A) Boss. B) Coach. C) Tenant. D) Landlord. Show Answer Correct Answer: D) Landlord. ← PreviousNext →Related QuizzesTaxation QuizzesIncome Tax Planning Quiz 1Income Tax Planning Quiz 2Income Tax Planning Quiz 3Income Tax Planning Quiz 4Income Tax Planning Quiz 5Income Tax Planning Quiz 6Income Tax Planning Quiz 7Income Tax Planning Quiz 8Income Tax Planning Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books