Course Catalog > Personal Finance > Courses

Test your knowledge

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

Keep studying!

Get a certificate for this quiz
Enter your name and email address below and we will generate a certificate for this quiz.

Review your answers below to learn more.

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.

None of these; the age does not matter

70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.

What is the standard U.S. individual tax return called?

Choose wisely. There is only one correct answer.

The W2

The 1040

The IRS form

The 1099

The 1040. IRS Form 1040 is the standard form.

Which of the following is true regarding tax credits?

Choose wisely. There is only one correct answer.

A tax credit reduces your taxable income as reported on Form 1040.

A tax credit reduces the actual tax you owe.

For most taxpayers, the standard tax credit will be larger and more valuable than itemizing your credits.

A tax credit reduces the actual tax you owe. Within limits, a dollar of credit reduces your tax by a dollar.

What type of tax increases as your income increases?

Choose wisely. There is only one correct answer.

Progressive tax

Regressive tax

Neither of the above

Progressive tax. Income tax is an example of a progressive tax.

What kind of retirement planning contributions can help you save money on filing your taxes currently?

Choose wisely. There is only one correct answer.

A health savings account

A traditional IRA

A Roth 401(k)

A traditional IRA. Contributions to a traditional IRA can help you save money on filing your taxes currently. Roth 401(k)s cannot, and health savings accounts are not retirement plans.

© Copyright 2024 Precision Information, publisher of the Financial Fitness Group family of products. The trade name Financial Fitness Group and the trademarks Financial Fitness CENTER™, Financial Fitness CHECKUP™ and Financial Fitness ACADEMY™ are exclusive marks of Precision Information, LLC. All rights reserved.