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Test Bank For Personal Financial Planning 14th Edition by Billingsley

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ISBN-13: 978-1305862333 ISBN-10: 1305862333

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Test Bank For Personal Financial Planning 14th Edition by Billingsley

Chapter 3—Preparing Your Taxes

1. The federal personal income tax is a progressive tax.

a.  True

b.  False

ANSWER:   True

POINTS:   1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   PFIN.BILL.17.3-1 – LO: 3-1

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Remembering

 

 

2. The federal personal income tax is a flat tax.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   PFIN.BILL.17.3-1 – LO: 3-1

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Remembering

 

 

3. Tax avoidance is legal, tax evasion is illegal.

a.  True

b.  False

ANSWER:   True

POINTS:   1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   PFIN.BILL.17.3-5 – LO: 3-5

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Remembering

 

 

4. One’s marginal tax rate is typically lower than one’s average tax rate.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Moderate

LEARNING OBJECTIVES:   PFIN.BILL.17.3-1 – LO: 3-1

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Analyzing

 

 

5. One’s average tax rate is typically lower than one’s marginal tax rate.

a.  True

b.  False

ANSWER:   True

POINTS:   1

DIFFICULTY:   Moderate

LEARNING OBJECTIVES:   PFIN.BILL.17.3-1 – LO: 3-1

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Analyzing

 

 

6. If you have any earned income, you are required to file a tax return.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Moderate

LEARNING OBJECTIVES:   PFIN.BILL.17.3-1 – LO: 3-1

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Remembering

 

 

7. The main objective of tax planning is to maximize the amount of money you keep by minimizing the amount of taxes you pay.

a.  True

b.  False

ANSWER:   True

POINTS:   1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   PFIN.BILL.17.3-6 – LO: 3-6

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Understanding

 

 

8. If you are eligible to receive a tax refund, you will have to file a tax return to get the refund.

a.  True

b.  False

ANSWER:   True

POINTS:   1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   PFIN.BILL.17.3-1 – LO: 3-1

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Remembering

 

 

9. Income tax refunds are automatically sent to those who qualify for refunds no later than April 15.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   PFIN.BILL.17.3-1 – LO: 3-1

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Remembering

 

 

10. As a single taxpayer with no dependents, one is generally eligible to file as “head of household.”

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   PFIN.BILL.17.3-1 – LO: 3-1

NATIONAL STANDARDS:   United States – BUSPROG: Analytic skills – BUSPROG: Analytical skills

STATE STANDARDS:   United States – KS – DISC: Financial Analysis and Cas – DISC: Financial Analysis and Cash Flows
United States – AK – DISC: Taxes

KEYWORDS:   Bloom’s: Remembering

 

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