FP 100T Week 2 WileyPLUS Weekly Exam

FP 100T Week 2 WileyPLUS Weekly Exam

This Tutorial was purchased 4 times & rated A by students like you.

  |  Write a review  |   Reviews (2)   |  
Price: $8.00
     
 

Attachments: FP 100T Week 2 WileyPLUS Weekly Exam.doc [ Preview Here ]

FP 100T Week 2 WileyPLUS Weekly Exam

 

In this graded assignment, you are assessed on the content covered in this week’s readings, activities, and assignments. To help you prepare, it is recommended that you first complete this week’s Learning Path and Self-Test Learning Activities prior to completing this exam.

 

Complete the Week 2 WileyPLUS Weekly Exam covering this week’s assigned readings:

 

• “Chapter 3: Budgeting and Cash Management”

 

• “Chapter 4: Tax Planning”

 

Note: Work submitted in WileyPLUS does not count toward attendance. Be sure to post at least two times each week in the online classroom to avoid being auto-dropped from the course.

 

Question 1

 

Your answer is correct.

 

If you write a check or use your debit card when there isn’t enough money in your account to cover the payment, this is known as

 

being unbanked.

 

skimming.

 

a stop payment.

 

an overdraft.

 

Question 2

 

Your answer is correct.

 

Simone spent an average of $500 each month on groceries last year for herself and her family. She is now forecasting the family budget for next year. She read that an inflation rate of 5% is expected. How much should Simone budget for the monthly food expense next year?

 

$500

 

$475

 

$525

 

$750

 

Question 3

 

Your answer is correct.

 

One approach to forecasting variable expenses is to

 

use a wide range of estimates.

 

assign probabilities to different outcomes.

 

increase them by the expected inflation rate.

 

keep them constant.

 

Question 4

 

Your answer is correct.

 

Which of the following is (are) good reasons for tracking budget variances?

 

to ensure that large, irregular cash expenses do not cause financial hardship.

 

to determine the largest categories of expenditures for future reductions.

 

to identify small cash leakages before a major shortfall.

 

all of the choices are good reasons to track budget variances.

 

Question 5

 

Your answer is correct.

 

Which of the following types of accounts is not insured for $250,000 by the Federal Deposit Insurance Corporation (FDIC)?

 

savings account at a commercial bank

 

money market mutual fund offered by an insurance company

 

checking account at an online bank

 

savings account at a savings and loan association

 

Question 6

 

Your answer is correct.

 

A money market mutual fund is a mutual fund that invests in

 

stocks of the 500 largest companies in the United States.

 

investment quality corporate bonds.

 

short-term, low risk financial assets such as short-term government bonds.

 

long-term certificates of deposit.

 

Question 7

 

Your answer is correct.

 

Janice’s monthly expenses are $6,000, and she has $10,000 in checking and savings. Which of the following is true about her financial situation?

 

Janice has too much in liquid assets.

 

Janice should consider investing her $10,000 in a stock mutual fund to generate higher returns on her investment.

 

Janice needs to try to reduce her spending.

 

Janice needs to increase her emergency fund.

 

Question 8

 

Your answer is correct.

 

The steps in the budgeting process are forecasting cash flows, __________, monitoring, and reevaluating over time.

 

implementing

 

adjusting

 

negotiating

 

selecting

 

Question 9

 

Which of the following pays interest that is exempt from state and local taxation?

 

certificate of deposit

 

NOW account

 

series EE bond

 

inflation.

 

Question 10

 

Your answer is correct.

 

Compared with time deposits, demand deposits

 

place a greater limit on the number of checks you can write each month.

 

require you to leave the funds on deposit for a longer period of time.

 

allow you to withdraw money at any time.

 

pay higher rates of interest.

 

Question 11

 

Your answer is correct.

 

A savings account that pays a stated rate of interest if you agree to leave your money on deposit for a certain period of time is known as a

 

mutual fund.

 

series EE fund.

 

certificate of deposit.

 

money market account.

 

Question 12

 

Your answer is correct.

 

A depository institution differs from a nondepository institution in that it gets its funds from

 

investors.

 

customer deposits.

 

loans.

 

the FDIC.

 

Question 13

 

Matthew is 16 years old and can be claimed as a dependent by his parents. He received $1,500 in dividends and $650 in interest and earned $4,800 from odd jobs during the year. Will Matthew need to file a separate tax return? Why?

 

Yes. His unearned income exceeds the maximum limit.

 

No. His unearned income and gross income do not exceed the maximum limits.

 

No. His gross income does not exceed the maximum limit.

 

Yes. His earned income exceeds the maximum limit.

 

Question 14

 

Your answer is correct.

 

Which of the following tax forms is known as the long form?

 

1040B

 

1040

 

1040X

 

1040A

 

Question 15

 

Your answer is correct.

 

Reimbursement accounts for qualified medical and child care expenses are known as

 

deferred compensation plans.

 

flexible spending accounts.

 

option plans.

 

cafeteria plans.

 

Question 16

 

Which of the following types of taxes paid is not an allowable itemized deduction?

 

use taxes

 

state income taxes

 

property taxes on your primary residence

 

personal property taxes

 

Question 17

 

Your answer is correct.

 

The U.S. income tax is considered

 

transgressive.

 

illegal.

 

regressive.

 

progressive.

 

Question 18

 

Your answer is correct.

 

Lee earned a salary of $25,000 from his job as a server last year. In addition, he earned $12,500 in tips, $135 in interest income, and $200 in dividend income from investments. What was Lee’s total income last year?

 

$25,335

 

$25,000

 

$37,500

 

$37,835

 

Question 19

 

Your answer is correct.

 

Which of the following filing status categories receives the largest standard deduction?

 

head of household

 

married filing separately

 

married filing jointly

 

single and 65 or older

 

Question 20

 

Your answer is correct.

 

Which of the following tax credits best applies to a low-income family with two children?

 

retirement savings contribution credit

 

American Opportunity credit

 

lifetime learning credit

 

child tax credit

 

Question 21

 

Your answer is correct.

 

A progressive tax is one in which

 

you pay more if you earn more.

 

you pay less if you earn more.

 

you pay the same regardless of earnings.

 

taxes are used for progressive services.

 

Question 22

 

Your answer is correct.

 

Which of the following tax credits best applies to a low-income person contributing to an IRA?

 

child tax credit

 

American Opportunity credit

 

retirement savings contribution credit

 

lifetime learning credit

 

Question 23

 

Your answer is correct.

 

Your average tax rate will always be _______ your marginal rate.

 

more than

 

the difference between your taxable income and

 

less than or equal to

 

the same as

 

Question 24

 

Your answer is correct.

 

Which of the following must be included in total income on federal income tax returns?

 

insurance claim payments

 

tips and bonuses

 

worker’s compensation benefits

 

child support received

 

Question 25

 

Your answer is incorrect.

 

The dollar amount per qualifying household member that is subtracted from adjusted gross income is known as

 

a reduction.

 

a tax credit.

 

a deduction.

 

an exemption.

Write a review

Order Id

Order Id will be kept Confidential
Your Name:


Your Review:
Rating:   A   B   C   D   F  

Enter the code in the box below:



Related Products
FP 100T Week 1 WileyPLUS Weekly Exam
$8.00
Rating:A+
Purchased: 4 time
Add to Cart
FP 100T Week 2 WileyPLUS Weekly Exam
$8.00
Rating:A
Purchased: 4 time
Add to Cart
FP 100T Week 3 WileyPLUS Weekly Exam
$8.00
Rating:A+
Purchased: 2 time
Add to Cart
FP 100T Week 4 WileyPLUS Weekly Exam
$8.00
Rating:A+
Purchased: 1 time
Add to Cart
FP 100T Week 5 WileyPLUS Weekly Exam
$8.00
Rating:A+
Purchased: 2 time
Add to Cart
FP 100T Week 1-5 All Wileyplus Exams
$35.00
Rating:A+
Purchased: 4 time
Add to Cart
webzindagi
Tutorial Rank © 2019