This quiz works best with JavaScript enabled. Home > Taxation > Income Tax Planning > Income Tax Planning – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Income Tax Planning Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Sometimes people run low on money during retirement. Which of the following should you do first? A) Sell your house and move into an apartment. B) Rethink your retirement goals and lifestyle. C) Find a job to increase your income. D) Invest in stocks because they have a higher rate of return. Show Answer Correct Answer: B) Rethink your retirement goals and lifestyle. 2. Assets minus liabilities A) Net worthy. B) Network. C) Net worth. D) Personal property. Show Answer Correct Answer: C) Net worth. 3. This is the form you must fill out before going to college in order to get aid from the government to pay for college A) FAFSA. B) FASAF. C) FASFA. D) AFSAF. Show Answer Correct Answer: A) FAFSA. 4. What is study preparation in tourism planning process? A) Decision by government to prepare tourism plan. B) Projection of employees. C) Adoption of plan. D) Determination of preliminary objectives. Show Answer Correct Answer: A) Decision by government to prepare tourism plan. 5. A spending and saving plan A) Budget. B) Financial plan. C) Financial saving plan. D) IRA. Show Answer Correct Answer: A) Budget. 6. Take-home pay is the amount you have left in your paycheck A) After you pay your bills for the week. B) After taxes and deductions. C) Before taxes and deductions. D) Before you pay your bills for the week. Show Answer Correct Answer: B) After taxes and deductions. 7. When one person makes an offer and another person changes it, the second person is A) Committing fraud. B) Providing considerations. C) Entering into an agreement. D) Making a counteroffer. Show Answer Correct Answer: D) Making a counteroffer. 8. Tax planning is adopted by- A) Income tax payers. B) Investors. C) Industrialists. D) All the above. Show Answer Correct Answer: D) All the above. 9. A period of time during which repayment of the principal and interest of your loan is temporarily delayed. A) Deferment. B) Forbearance. C) Consolidate. D) None of above. Show Answer Correct Answer: A) Deferment. 10. The total amount of money an individual has earned before taxes are taken out. A) Net Income. B) Checking Account. C) Gross Income. D) Overdraft. Show Answer Correct Answer: C) Gross Income. 11. The amount on which taxes are calculated after adjustments, deductions, and exemptions. A) Taxable income. B) Surplus. C) Net income. D) None of above. Show Answer Correct Answer: A) Taxable income. 12. At the beginning of the year, Coach Brewer told us to ..... A) Care & Try. B) Never miss a day of class. C) Make sure you do your homework every day. D) None of above. Show Answer Correct Answer: A) Care & Try. 13. A time-based savings goal describes ..... A) What the money needs to be saved for. B) Why the money needs to be saved. C) When the money will be saved. D) How much money needs to be saved. Show Answer Correct Answer: C) When the money will be saved. 14. In a balanced budget, A) Gross income = disposable income. B) Expenses-savings = gross income. C) Expenses = savings. D) Expenses + savings = earnings + borrowing. Show Answer Correct Answer: D) Expenses + savings = earnings + borrowing. 15. Which one is a fixed expense A) Snacks. B) Rent. C) Entertainment. D) Gifts. Show Answer Correct Answer: B) Rent. 16. Net worth is the difference between: A) Assets and interest. B) Liabilities and growth. C) Assets and liabilities. D) Growth and investments. Show Answer Correct Answer: C) Assets and liabilities. 17. What a person finds important and valuable, often in a moral sense. A) Want. B) Needs. C) Values. D) None of above. Show Answer Correct Answer: C) Values. 18. Most IRAs are invested in A) Stocks. B) Bonds. C) Gold and silver. D) Mutual funds. Show Answer Correct Answer: D) Mutual funds. 19. Those things that you own A) Budget. B) Gold. C) Asset. D) Investment. Show Answer Correct Answer: C) Asset. 20. Joanne's dad makes $ 54, 000 every year. This is the amount of money he makes before taxes, insurance and other deductions are taken out of his paychecks. The amount of money he makes before these items are taken out is called his- A) Gross income. B) Net income. C) Income tax. D) Property tax. Show Answer Correct Answer: A) Gross income. ← PreviousNext →Related QuizzesTaxation QuizzesIncome Tax Planning Quiz 1Income Tax Planning Quiz 2Income Tax Planning Quiz 3Income Tax Planning Quiz 4Income Tax Planning Quiz 6Income Tax Planning Quiz 7Income Tax Planning Quiz 8Income Tax Planning Quiz 9Income Tax Planning Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books