Final Exam Fall 2024 1st

Which of the following are goals which can be achieved in less than a year of time?

• Intermediate-term goals

• Short-term goals

• Lifetime goals

• Long-term goals

Which of the following forms report an employee’s annual wages and the amount of taxes withheld from his or her paycheck?

• 1040

• 1040-SR

• W-4

• W-2

Which of the following is the simplest income tax return form?

• 1040EZ

• 1040A

• 1040

• W-4

Taxes CANNOT be imposed on which of the following?

• Income and earnings

• Products and services

• International imports

• Thoughts and ideas

When the seller and the buyer reach an agreement, it is known as which of the following?

• Contingent release

• Proprietary disclosure

• Adjudicated concurrence

• Mutual acceptance

What is a tax audit?

• A downloadable computer software used to prepare tax returns

• A deliberate misrepresentation of tax information

• A detailed examination of a specific tax return by the IRS

• An example of a tax preparation agency

When using credit, the purchase amount becomes what once the payment agreement is made?

• Loan

• Debt

• Mortgage

• IOU

Sales taxes are also known as which of the following?

• Consumption taxes

• Production taxes

• Conservation taxes

• Permission taxes

Which of the following is the total amount of tax debt owed by an individual to a taxing authority such as the IRS?

• Tax exemption

• Tax breaks

• Tax brackets

• Tax liability

Which of the following types of tax credits are items directly deducted from the tax liability until it equals $0?

• Nonrefundable tax credits

• Partially refundable credits

• Refundable tax credits

• Total refundable credits