Personal Finance Courses: Taxes

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
Personal information you will need to prepare your tax return includes _______.
Choose wisely. There is only one correct answer.
Your Social Security number. Personal information you will need to prepare your tax return includes your Social Security number.
2.
What type of tax increases as your income increases?
Choose wisely. There is only one correct answer.
Progressive tax. Income tax is an example of a progressive tax.
3.
All other factors being equal, waiting until which age would let you receive the most Social Security benefits?
Choose wisely. There is only one correct answer.
70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.
4.
Which saves you more money -- the standard deduction or itemized deductions?
Choose wisely. There is only one correct answer.
It depends. For most people, the standard deduction saves more money. But for others, itemized deductions save more. When you do your taxes, you will find out which is better for you.
5.
You can take a tax deduction for some education-related expenses. Which of the following does that include?
Choose wisely. There is only one correct answer.
All of the above. All of these expenses qualify.