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.

Tax adjustments, deductions and credits all have one thing in common. What is that?

Choose wisely. There is only one correct answer.

Everyone gets them.

You have to work for someone else to get them.

They reduce the amount of tax you have to pay.

None of the above

They reduce the amount of tax you have to pay. Adjustments, deductions and credits all reduce the amount of tax you have to pay. They all do this in different ways.

Only employees pay Social Security taxes on their earnings.

Choose wisely. There is only one correct answer.

True

False

False. Employers pay the same amount on behalf of their employees, according to how much the employees pay.

The various income tax filing statuses include _______.

Choose wisely. There is only one correct answer.

Married filing separately

Head of household

Single

All of the above

All of the above. There are several statuses that determine your rate.

What is the name of the United States' tax collection agency?

Choose wisely. There is only one correct answer.

The federal government

The Internal Revenue Service

The State Department

The Treasury

The Internal Revenue Service. The Internal Revenue Service is the agency that collects taxes for the United States.

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.

Interest paid on student loans

Tuition

Fees

All of the above

All of the above. All of these expenses qualify.

© 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.