Font size
WorksheetsFL 1s Perf Final Exam REVIEW
Total questions: 38
Worksheet time: 2hrs 59mins
Which of the following addresses is formatted correctly?
34509 Clemmons Court
Fairview Georgia, 30001
34509 Clemmons Court
Fairview, Georgia 30001
Clemmons Court 34509
Fairview, Georgia 30001
3459 Clemmons Court
Georgia, Fairview 30001
What is their tax filing status?
Mary's Form W2 salary is $50,000. She paid 6% state tax.
What is the dollar amount of her state tax?
$6
$300
$3,000
$30,000
Mary's salary is $50,000, She paid 6% state tax.
What amount goes on the Form W2, Box 1-Wages, tips, other compensation?
$3,000
$47,000
$50,000
$53,000
Anna's salary is $865 month and she has a weekly period.
How much does she make each week?
$72.08
$216.25
$432.50
$865.00
Walter worked 52 hours this week. His hourly rate is $7.75.
What is Walter's gross pay this week?
$310.00
$373.06
$403.00
$449.50
Peter worked 40 hours at $10.75 an hour.
What is Peter's gross pay?
$310
$400
$430
$460
Karen is single, earns $55,000 a year, and has three children. Line G (Child Tax Credit) on her Form W4 reads as follows:
"If your total income will be less than $65,000 ($95,000 if married), enter “2” for each eligible child; then less “1” if you have three to six eligible children or less “2” if you have seven or more eligible children."
What should Karen write on Line G of her Form W4?
4
5
6
7
Paul is married, has $90,000 in joint income, and has 2 children. Line G on his Form W4 reads as follows:
"If your total income will be less than $65,000 ($95,000 if married), enter “2” for each eligible child; then less “1” if you have three to six eligible children or less “2” if you have seven or more eligible children."
What should Paul write on Line G of his Form W4?
2
3
4
5
Wanda earned a salary of $64,000 and her husband earned $30,000. The couple earned $1,100 in interest on a CD.
What dollar amount goes on the 1040, Line 1 - Wages, salaries, and tips?
$30,000
$92,900
$94,000
$95,100
Wanda earned a salary of $64,000 and her husband earned $30,000. The couple earned $1,100 in interest on a CD.
What dollar amount goes on 1040 Line 2b Taxable interest?
$1,500
$1,100
$1,500
$2,000
Austin paid $1,000 in tax payments throughout the year. When completing his 2018 (tax year) 1040, he learned his actual Tax, Line 11a on the 1040, is $400.
Will Austin have a tax refund or tax liability?
Refund - paid more than his required tax amount
Tax liability - paid less than his required tax amount
Austin paid $1,000 in tax payments throughout the year. When completing his 2018 (tax year) 1040, he learned his actual Tax, Line 11a on the 1040, is $400.
What is the dollar amount of Austin's refund?
$400
$500
$600
$1,000
Janice earns $44,000 a year.
What is Janice's monthly income?
$846.15
$3,666.66
$11,000.00
$44,000
Does Dallas have a "budget" surplus or deficit?
Dallas earns $3,600 a month and his expenses total $3,100.
Calculate Dallas's "budget" surplus or overage (deficit)?
-$500
$500
-$600
$600
Which of the following defines a budget DEFICIT?
Income exceeds expenses
Expenses exceed income
Savings is less than income
Expenses are less than savings
Which of the following should you AVOID if you have a budget overage (deficit)?
Reduce variable expenses
Increase your income
Charge expenses to your credit card
Which of the following is an ASSET?
Personal property inventory
Credit card
Car loan
Mortgage
Which of the following is a LIABILITY?
Personal property
Savings account balance
Value of a house
Mortgage
On a budget, what is meant by "Allocation of surplus?"
Specifies which variable expense(s) to reduce when expenses exceed income.
Specifies where to deposit savings when income exceeds expenses.
What information is missing from the simple interest calculation?
Which simple interest formula is used to calculate interest?
Principal x Rate x Time
Interest / (Rate x Time)
Interest / (Principal x Time)
# Months / 12 months
Which simple interest formula is used to calculate Principal?
Principal x Rate x Time
Interest / (Rate x Time)
Interest / (Principal x Time)
# Months / 12 months
Which simple interest formula is used to calculate the Rate?
Principal x Rate x Time
Interest / (Rate x Time)
Interest / (Principal x Time)
# Months / 12 months
Stephanie borrowed $50 at 12% for 1 month.
Determine what is missing and solve the problem?
$ .50
$5.00
$50.00
$12
Determine what is missing from the problem, and solve what is missing.
Determine what is missing and solve the problem.
Carlo earns $2,000 a month. His expenses next month total $2,300.
What is Carlo's "budget" surplus or deficit?
-$300
$300
-$2,300
$2,000
Which of the following is considered taxable interest [LINE 2b of the 2018 (tax year) 1040]? Choose all CORRECT options (Multi-select).
$1,100 interest earned on checking account
$320 dividend earned from savings
$680 dividend earned from mutual funds
$928 interest earned from bonds
$29 interest earned from a CD
On a 1040 tax return, which of the following is used to lookup "Tax" (Line 11a on the 2018 1040) in the 1040 Tax Tables?
Taxable interest
Federal income tax withheld
Taxable income
Adjusted gross income
Which of the following is an ASSET?
Student loan
Mortgage
Home value
Credit card balance
David's assets exceed his liabilities. Which of the following is true about Davids financial situation?
David has a surplus.
David has a deficit.
David is solvent.
David is insolvent.
Oscar has the following: Savings $3,000, personal property $9,800, mortgage $50,000, checking account $1,500, home valued $80,000. What is Oscar's net worth.
$12,800
$94,300
$44,300.00
$115,700
If your total liabilities and net worth are $12,000, what is the dollar amount of your total assets?
$2,000
$12,000
$8,000
$10,000
Your budget items are as follows: Car note $300, Cell $47, Groceries $95, Rent $225, Entertainment $103, Car insurance $75, Paycheck $1,000. Calculate your surplus or deficit?
-$755
-$155
$755
$155
