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.
If you are taking tax deductions for meals, car expenses, and travel, you are most likely _______.
Choose wisely. There is only one correct answer.
A small business owner. Small business owners get to deduct a lot of expenses from their income, thus saving them money. This is one of the perks of being in business for yourself.
2.
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.
70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.
3.
Personal information you will need to prepare your tax return includes _______.
Choose wisely. There is only one correct answer.
Your Social Security number. Personal information you will need to prepare your tax return includes your Social Security number.
4.
There is one federal income tax rate that all taxpayers pay.
Choose wisely. There is only one correct answer.
False. As you earn more money, your rate increases.
5.
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.