Personal Finance Quiz 4 and 5 Review

Which of the following is the term for a tax rate that increases at higher levels of income?

• FICA tax

• Sales tax

• Flat tax

• Progressive tax

Calculate the amount of federal income tax owed for someone how makes $60,000 annually and is single.

• $13,200

• $6000

• $7,200

• $6,617

Which of the following best describes the difference between credit and debt?

• Credit is when you have to use a card and debt is when you do not have to use a card

• Credit is used for short-term money management and debit is used for long-term wealth building

• Credit is used for long-term purchases and debt is used for short-term purchases

• You do not have to payback credit, but debt you do have to pay back

You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck?

• W-2

• 1040

• 1099

• W-4

What is the monthly payment based on the amortization schedule?

• $1826.36

• $377.11

• $1,449.25

• We do not have enough information

You are legally single and earn an income of $100,500 per year as a doctor. You like to invest your money and see that your favorite ETF VOO is currently trading at $370 per share. 

Calculate the cost to purchase 10 shares of VOO

• $3700

• $3.70

• $380

• $370

You are legally single and earn an income of $100,500 per year as a doctor. You like to invest your money and see that your favorite ETF VOO is currently trading at $370 per share. 

Calculate how much profit you make if you were to sell all 10 shares of VOO for $410 per share.

• $40

• $400

• $1.10

• 80%

You are legally single and earn an income of $100,500 per year as a doctor. You like to invest your money and see that your favorite ETF VOO is currently trading at $370 per share. 

Assuming you owned the shares for two years, calculate the tax you will owe on the profit you made for selling the 10 shares of VOO

• We do not have enough information

• $96

• $0

• $60

Which of the following is NOT one of the three major credit agencies?

• Equifax

• TransUnion

• CreditMax

• Experian

The tax form that every American uses to file their income taxes is called the...

• 1099

• 1040

• W-2

• 4010