Devry BUSN380 Week 2
Quiz Latest 2016 Jan.
1. Question : (TCO 2) This type of tax is calculated based upon the
value of land and buildings.
Question 2. Question
: (TCO 2) Interest earnings of
$2,400 from a taxable investment for a person in a 28% tax bracket would result
in after-tax earnings of
Question 3. Question
: (TCO 2) _____ can reduce
Question 4. Question
: (TCO 2) You have invested in
the stock market and receive dividends. The dividend income must be reported as
Question 5. Question
: (TCO 2) George Washburn had
earnings from his salary of $44,000, interest on savings of $800, a
contribution to a traditional individual retirement account of $2,000, and
dividends from mutual funds of $600. George’s adjusted income (AGI) would be
Question 6. Question
: (TCO 2) _____ can be
calculated as a result of various items being subtracted from gross income,
such as individual retirement account contributions and alimony payments.
Adjusted gross income
Question 7. Question
: (TCO 2) Expenses that a
taxpayer is allowed to deduct from adjusted gross income are called _____.
Question 8. Question
: (TCO 2) Taxes owed can be
reduced through _____.
the standard deduction
a tax credit
an itemized deduction
Question 9. Question
: (TCO 2) In order for a
dependent to qualify as an exemption, he or she must
receive more than one half of his or her
support from the taxpayer.
be under age 16.
be registered in school.
be a relative.
Question 10. Question
: (TCO 2) People who _____ must
make estimated quarterly tax payments.
are employed in a foreign country.
work for the government.
do not have adequate amounts withheld from
Question 11. Question
: (TCO 2) A(n) _____ is an
all-purpose account that provides several services.
asset management account
money market account
Question 12. Question
: (TCO 2) An example of a _____
deposit is a checking account.
Question 13. Question
: (TCO 2) An example of a place
where one will encounter high fees for loans when borrowing money is a _____.
savings and loan association
mutual savings bank
Question 14. Question
: (TCO 2) _____ are the major
products offered by investment companies.
Interest-bearing checking accounts
Credit card accounts
Question 15. Question
: (TCO 2) One of the
characteristics of a certificate of deposit is that it can have
high interest-rate risk.
low safety for savers.
a variable rate of return.
no minimum deposit amount.
Question 16. Question
: (TCO 2) On a savings account,
the rate of return can also be referred to as
Question 17. Question
: (TCO 2) A savings account in
which interest is compounded _____ would have the highest effective yield.
Question 18. Question
: (TCO 2) At times, funds
deposited in an account may be restricted by_____.
a holding period
Question 19. Question
: (TCO 2) Service fees would be
_____ in the bank reconciliation process.
added to the bank statement balance
subtracted from the bank statement balance
added to the checkbook balance
subtracted from the checkbook balance
Question 20. Question
: (TCO 2) When an individual
borrows money to purchase a new home, he or she will be charged a _____.
Treasury bond rate