Personal Finance Help Please!!!!!!!!!!!!!!!!!!?

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Question by MaStErT927: Personal Finance Help Please!!!!!!!!!!!!!!!!!!?

1. Which of the following is not true concerning Income Tax Refunds? (1 point)
It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt.
You are essentially giving the government an interest–free loan.
It means that you are having too much deducted from your paycheck.
You haven’t properly evaluated your personal tax circumstances.
2. When claiming dependents, they must meet the following criteria EXCEPT: (1 point)
the dependent must be a relative.
the dependent must reside with you for the entire year.
the dependent must be under nineteen years of age unless he or she is a full–time student (under 24 years old).
the dependent was unable to provide over half of his or her support for the year.
3. If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of _____. (1 point)
a credit
withholding
a deduction
an exclusion
4. A form of taxation in which everyone pays an equal rate of taxes is called a _____. (1 point)
progressive tax
regressive tax
flat tax
net tax
5. A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _____. (1 point)
progressive tax
regressive tax
flat tax
net tax
6. A form of taxation in which the lowest income earners pay the largest percentage of taxes is called a _____. (1 point)
progressive tax
regressive tax
flat tax
net tax
7. Which of the following is not considered part of your gross income? (1 point)
Everything of value you received during the year
Bartered goods and services
Everything of value of that you received from April 15th to December 31st
Money you win on a game show
8. Which of the following is not true about your adjusted gross income? (1 point)
It is your income minus deductions
It is your income plus your deductions
It determines whether you are eligible for additional tax breaks
It is your gross income minus deductions
9. Which of the following is true about standard deductions? (1 point)
They are tax breaks that you can claim without having to itemize
They are listed just above the total taxable income on the 1040 tax form
They reduce your tax bill rather than your taxable income
You must itemize in order to take advantage of this deduction
10. A dollar–for–dollar reduction in your tax payment is called a _____. (1 point)
deduction
flat tax
credit
debit

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