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 you take time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.

Choose wisely. There is only one correct answer.

True

False

True. When you take the time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.

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 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.

Social Security is a federal _______.

Choose wisely. There is only one correct answer.

Health insurance program

Retirement income program

Disability income program

Retirement and disability income program

Retirement and disability income program.

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.

© 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.