BUSN 380 DEVRY WEEK 2 QUIZ LATEST

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BUSN 380 DEVRY WEEK 2 QUIZ LATEST

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BUSN 380 DeVry Week 2 Quiz Latest

BUSN380

BUSN 380 DeVry Week 2 Quiz Latest

  1. Question : (TCO 2)This type of tax is calculated based upon the value of land and buildings.
  • Personal
  • Real estate
  • Direct
  • Proportional
  • Regressive

Question 2. Question : (TCO 2) Interest earnings of $2,400 from a taxable investment for a person in a 28% tax bracket would result in after-tax earnings of

  • $672.
  • $1,728.
  • $2,400.
  • $3,333.
  • $8,571.

Question 3. Question : (TCO 2) _____ can reduce taxable income.

  • Portfolio income
  • Tax credits
  • Exclusions
  • Passive income
  • Earned income

Question 4. Question : (TCO 2) You have invested in the stock market and receive dividends. The dividend income must be reported as _____ income.

  • passive
  • earned
  • investment
  • capital gain
  • excluded

Question 5. Question : (TCO 2) George Washburn had earnings from his salary of $44,000, interest on savings of $800, a contribution to a traditional individual retirement account of $2,000, and dividends from mutual funds of $600. George’s adjusted income (AGI) would be

  • $43,400.
  • $44,000.
  • $45,400.
  • $42,000.
  • $42,800.

Question 6. Question : (TCO 2) _____ can be calculated as a result of various items being subtracted from gross income, such as individual retirement account contributions and alimony payments.

  • Adjusted gross income
  • Taxable income
  • Earned income
  • Passive income
  • Total exclusions

Question 7. Question : (TCO 2) Expenses that a taxpayer is allowed to deduct from adjusted gross income are called _____.

  • exemptions
  • exclusions
  • itemized deductions
  • tax credits
  • passive income

Question 8. Question : (TCO 2) Taxes owed can be reduced through _____.

  • the standard deduction
  • a tax credit
  • an itemized deduction
  • an exclusion
  • an exemption

Question 9. Question : (TCO 2) In order for a dependent to qualify as an exemption, he or she must

  • be married.
  • receive more than one half of his or her support from the taxpayer.
  • be under age 16.
  • be registered in school.
  • be a relative.

Question 10. Question : (TCO 2) People who _____ must make estimated quarterly tax payments.

  • are employed in a foreign country.
  • receive dividends.
  • work for the government.
  • do not have adequate amounts withheld from income.

Question 11. Question : (TCO 2) A(n) _____ is an all-purpose account that provides several services.

  • NOW account
  • asset management account
  • EFT account
  • mutual fund
  • money market account

Question 12. Question : (TCO 2) An example of a _____ deposit is a checking account.

  • common
  • time
  • current
  • loan
  • demand

Question 13. Question : (TCO 2) An example of a place where one will encounter high fees for loans when borrowing money is a _____.

  • credit union
  • savings and loan association
  • pawnshop
  • commercial bank
  • mutual savings bank

Question 14. Question : (TCO 2) _____ are the major products offered by investment companies.

  • Interest-bearing checking accounts
  • Variable-rate loans
  • Credit card accounts
  • Savings bonds
  • Mutual funds

Question 15. Question : (TCO 2) One of the characteristics of a certificate of deposit is that it can have

  • high interest-rate risk.
  • low safety for savers.
  • limited liquidity.
  • a variable rate of return.
  • no minimum deposit amount.

Question 16. Question : (TCO 2) On a savings account, the rate of return can also be referred to as

  • liquidity.
  • compounding.
  • yield.
  • insolvency.
  • asset management.

Question 17. Question : (TCO 2) A savings account in which interest is compounded _____ would have the highest effective yield.

  • daily
  • annually
  • semiannually
  • monthly
  • weekly

Question 18. Question : (TCO 2) At times, funds deposited in an account may be restricted by_____.

  • a holding period
  • outstanding checks
  • interest earned
  • service charges
  • electronic banking

Question 19. Question : (TCO 2) Service fees would be _____ in the bank reconciliation process.

  • added to the bank statement balance
  • subtracted from the bank statement balance
  • added to the checkbook balance
  • subtracted from the checkbook balance

Question 20. Question : (TCO 2) When an individual borrows money to purchase a new home, he or she will be charged a _____.

  • prime rate
  • discount rate
  • mortgage rate
  • Treasury bond rate
  • corporate bond