Course Catalog > Personal Finance > Courses
Personal Finance Courses: Taxes

Test your knowledge

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

0%
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.
1.
Which federal program provides health care coverage for all US citizens age 65 or over?
Choose wisely. There is only one correct answer.
Medicare. Medicare is paid for in part by taxes on our income.
2.
When it comes to your taxes, what is the standard deduction?
Choose wisely. There is only one correct answer.
A pre-set amount of money that you get to deduct. As opposed to itemized deductions, the standard deduction is simpler and saves more money for most taxpayers.
3.
What is the name of the United States' tax collection agency?
Choose wisely. There is only one correct answer.
The Internal Revenue Service. The Internal Revenue Service is the agency that collects taxes for the United States.
4.
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 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.
5.
The various income tax filing statuses include _______.
Choose wisely. There is only one correct answer.
All of the above. There are several statuses that determine your rate.