Income Tax Planning Quiz 8 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. A percent of the cost of an item, which is charged by governments to raise money.

Correct Answer: A) Sales tax.

2. Three Rules of Financial Planning

Correct Answer: D) All of the above.

3. Dividing up your assets into different categories-stocks, bonds, cash, real estate, and so on-based on your financial goals and tolerance of risk.

Correct Answer: C) Asset Allocation.

4. Medium of tax Planning-

Correct Answer: D) All the above.

5. What are 2 things consumers spend most of their money on?

Correct Answer: B) Housing and Transportation.

6. -Nation's retirement program, helps provide retirement income for elderly and pays disability benefits

Correct Answer: B) Social Security.

7. What is your school mascot

Correct Answer: C) Hornet.

8. A(n) ..... is the amount of money you plan to use for a certain budget category.

Correct Answer: D) Allowance.

9. When purchasing a vehicle, the most important things to compare are

Correct Answer: D) Safety & costs.

10. Amounts spent for food, clothing, and other living costs.

Correct Answer: A) Cash outflows.

11. What is "devalorisation of capital"

Correct Answer: B) The process by which the state subsidies part of the cost of production.

12. This type of development normally focus on state or province, or perhaps an island group.

Correct Answer: B) Regional planning.

13. What is the amount of money you earn, before taxes are taken out?

Correct Answer: B) Gross Income.

14. How many SDG's are set by the UN?

Correct Answer: C) 17 SDG.

15. A person who creates and signs the promissory note and agrees to pay it on a certain date is called the

Correct Answer: B) Maker.

16. A government tax imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer.

Correct Answer: C) Income tax.

17. What is the first step of the decision making process?

Correct Answer: B) Identify the decision.

18. Which of the following would probably be a short-term financial goal?

Correct Answer: D) Purchasing a new CD.

19. The amount of money left after all deductions have been taken from the gross pay earned in a pay period.

Correct Answer: D) Net Pay.

20. A company sponsored plan where you determine how to invest your money is called a(n)

Correct Answer: D) 401(k) plan.