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.

When it comes to your taxes, what is the standard deduction?

Choose wisely. There is only one correct answer.

A list of specific deductions that you make yourself

A pre-set amount of money that you get to deduct

A tax credit for working families

None of the above

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.

If you had more income tax taken out of your paycheck than you actually owe in taxes, what can you expect to happen?

Choose wisely. There is only one correct answer.

You will get a refund.

You will owe more taxes.

The government will call it even.

You will get a refund. You had too much taken out. When you do your taxes in the spring, you will find out how much you will get back.

Which federal program provides health care coverage for all US citizens age 65 or over?

Choose wisely. There is only one correct answer.

Social Security

Medicare

Medicaid

None of the above

Medicare. Medicare is paid for in part by taxes on our income.

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.

There is one federal income tax rate that all taxpayers pay.

Choose wisely. There is only one correct answer.

True

False

False. As you earn more money, your rate increases.

© 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.