Assessment - Personal, Borrowing Basics and Personal Taxes

Which of the following forms is the most complex of all individual tax filing documents to complete?

• W-4

• 1040

• All the forms are simple to fill out

• W-2

Tags

S2588059

S2588060

S2588058

S2588055

An itemized deduction is based on age, filing status and whether he or she is disabled.

• True

• False

Which of the following is a form used by an individual’s employer to withhold the proper amount of federal income tax from the employee’s paycheck?

• 1040

• W-4

• 1040-SR

• W-2

When must W-2 forms be sent to employees?

• On or before January 15th

• On or before January 31st

• On or before February 1st

• On or before February 15th

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

• 1040-SR

• 1040

• W-4

• W-2

Which of the following is NOT classified as a spending need?

• Electricity bill

• Grocery bill

• Rent for a home

• Movie tickets

Based on the 50/30/20 rule for allocating resources, which of the following percentages should be devoted to savings?

• 30

• 20

• 0

• 50

Which of the following correctly defines the “M” in the goal setting acronym SMART?

• Measurable

• Malleable

• Maintainable

• Manageable

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

• Lifetime goals

• Intermediate-term goals

• Long-term goals

• Short-term goals

Which of the following is the sum of the individual’s current assets minus the individual’s total liabilities?

• Net worth

• Variable expenses

• Liquid assets

• Budget