This quiz works best with JavaScript enabled. Home > Taxation > Income Tax Planning > Income Tax Planning – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Income Tax Planning Quiz 14 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is known as conducting business with financial institutions over the internet? A) Online banking. B) Gross income. C) Net income. D) Financial planning. Show Answer Correct Answer: A) Online banking. 2. Paying yourself first, sticking to a budget, pacing yourself, living within your means, and knowing where your cash goes are all ..... A) Ways to afford everything you want. B) Ways to balance expenses and savings. C) Guaranteed to prepare you for every expense. D) Ensure that you are able to retire comfortably. Show Answer Correct Answer: B) Ways to balance expenses and savings. 3. These records are updated quickly and easily A) Electronic record keeping. B) Promissory notes. C) Loan papers. D) Paper filing. Show Answer Correct Answer: A) Electronic record keeping. 4. Which of these are income A) Savings. B) Allowance. C) Cost of shirt. D) Car payment. Show Answer Correct Answer: B) Allowance. 5. Which one of the following events could make your retirement benefit LESS than expected? A) Inflation occurs at a lower rate than you calculated. B) Your rate of return is lower than you had calculated. C) You earn a larger retirement benefit than you had calculated. D) You inherit money you had not anticipated. Show Answer Correct Answer: B) Your rate of return is lower than you had calculated. 6. What is unwritten guarantee that exists by the nature of the product A) Express warranty. B) Implied warranty. C) Double guarantee. D) Extended warranty. Show Answer Correct Answer: B) Implied warranty. 7. All the following are examples of tax deductions EXCEPT A) Contributions to charitable organizations. B) Certain medical expenses. C) Rent expense. D) Interest paid on a home mortgage or home equity loan. Show Answer Correct Answer: C) Rent expense. 8. Why should you keep track of how much money you spend on items like food, gas, and going out each week? A) So you can know where your cash goes. B) So you can know when to use credit or debit. C) So you can be sure to save enough money each month. D) So you can meet your savings milestones. Show Answer Correct Answer: A) So you can know where your cash goes. 9. The creation of incentives to encourage foreign investment refer to A) Sponsoring research. B) Marketing incentives. C) Financial incentives. D) None of above. Show Answer Correct Answer: C) Financial incentives. 10. The increase in value of your investments over a period of time is called: A) Assets. B) Liabilities. C) Financial planning. D) Growth. Show Answer Correct Answer: D) Growth. 11. The total amount of money earned before payroll withholdings A) Net pay. B) Gross pay. C) Payroll deductions. D) None of these. Show Answer Correct Answer: B) Gross pay. 12. A(n) ..... is a charge imposed by government to fund public services. A) Sales tax. B) Tax. C) Excise tax. D) Income tax. Show Answer Correct Answer: B) Tax. 13. How do short-term goals differ from long-term goals? A) Short-term goals involve more planning than long-term goals. B) Short-term goals are more affordable than long-term goals. C) Short-term goals cost more than long-term goals in the long run. D) Short-term goals are more immediate than long-term goals. Show Answer Correct Answer: D) Short-term goals are more immediate than long-term goals. 14. What is an example of assets? A) Paid off house. B) House mortgage. C) Credit card debt. D) Student loans. Show Answer Correct Answer: A) Paid off house. 15. Calculate the missing amount for BLiabilities A) $ 7, 000. B) $ 1, 800. C) $ 3, 000. D) $ 5, 200. Show Answer Correct Answer: D) $ 5, 200. 16. Zoya's friends invited her to go on a trip abroad during summer vacation. She's excited to go and writes down a goal of saving enough money over the next five months. What detail is this goal missing? A) It is not measurable. B) It is not attainable. C) It is not realistic. D) It is not time-based. Show Answer Correct Answer: A) It is not measurable. 17. This month Anthony's take-home pay was $ 1, 500. He also earned $ 20 interest on a savings account. He spent $ 250 for rent, $ 100 for groceries, and $ 300 for other expenses. Anthony's net cash flow this month totaled A) $ 850. B) $ 870. C) $ 1, 500. D) $ 1, 520. Show Answer Correct Answer: B) $ 870. 18. A down payment, property tax, and maintenance costs are all considerations you need to make when ..... A) Renting a home. B) Retiring. C) Buying a home. D) Investing in stocks. Show Answer Correct Answer: C) Buying a home. 19. How the establishment of new company help to solve the issue of interest restrictions? A) No borrowing fully equity. B) Distribute as dividends. C) Shares lower than net worth. D) Both share are acquire. Show Answer Correct Answer: A) No borrowing fully equity. 20. Establish a relationship of trust with the client 2.Gather client data and establish financial goals3.Analyze the datathese are the first 3 steps of A) Code of Ethics. B) Financial Plan. C) Income Investment. D) None of above. Show Answer Correct Answer: B) Financial Plan. ← 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