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FiCEP Prep Final Exam Questions & Answers 2024/2025
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FiCEP Prep Final Exam Questions & Answers 2024/2025 operating costs - ANSWERSA tax is defined as a contribution that supports the _____ of a government. progressive - ANSWERSA _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are exampl...

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  • July 15, 2024
  • 28
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • ficep prep final exam questions answers 2024202

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  • FiCEP Prep

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FiCEP Prep Final Exam Questions & Answers 2024/2025
operating costs - ANSWERSA tax is defined as a contribution that supports the _____ of a government.
progressive - ANSWERSA _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples)
regressive - ANSWERSA _____ tax charges the same percentage of the cost of a good or service, no matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples)
fees or surcharges - ANSWERSSometimes taxes are called _____.
fee - ANSWERSA _____ could include the cost of a driver's license or a hunting license.
surcharge - ANSWERSA _____ could be a gasoline tax, tobacco tax, or liquor tax.
tax obligations - ANSWERSTaking care of _____ is as important for a member's financial well-being as it is
to pay their bills on time.
correspondence - ANSWERSAny _____ from the IRS should be reviewed and dealt with as soon as possible.
taxpayer advocate service. - ANSWERSIf you have not been able to resolve a problem with the IRS, seek assistance from the _____.
tax professional - ANSWERSComplex tax situations might require members to hire a _____.
70 - ANSWERS_____% of taxpayers may be eligible for free tax filing assistance. filing status - ANSWERSIf members get a large refund, they might want to change their _____ if the money is needed in their monthly budget.
costly - ANSWERSCaution members that using refund anticipation loans can be a _____ way to get instant access to their refund.
pay down debt - ANSWERSThe first choice for using a tax refund is to _____.
self-employment quarterly taxes - ANSWERSOther tax authorities that members must pay attention to are state income tax, property tax, and _____.
taxable income - ANSWERSExamples of _____ are wages, salaries and tips, interest income, alimony, business income, capital gains, pensions and annuities, other forms of income, and distributions from a traditional IRA.
non-taxable income - ANSWERSExamples of ____ are child support payments, life insurance benefits paid to a beneficiary, gifts and inheritances from parents, social security benefits, benefits from welfare, and qualified distributions from roth IRAs.
filing status - ANSWERS_____ can make a difference in the taxes paid.
filing status - ANSWERSExamples of _____ are single, married filing jointly, married filing separately, head
of household, and qualified widow or widower with dependent children.
401(k) plan - ANSWERSSaving for retirement can also save taxes by making contributions to a _____.
traditional IRA - ANSWERSIf a person is in a 25% income bracket, they could save 25% of the money they deposit into a _____.
insurance - ANSWERSFinancial counseling clients can manage some of the risks in life by having the right types and amounts of _____. insurable interest - ANSWERSAn _____ in a car you financed at the credit union could be held by both you and the credit union.
risks - ANSWERSYou can make a better choice about insurance coverage if you evaluate your _____.
umbrella liability policy - ANSWERSAn _____ can give you protection if someone sues you for an accident
on your property.
deductibles and policy limits - ANSWERS_____ can help manage the costs of insurance.
cobra - ANSWERS_____ provides the right for an employee that is terminated or resigns to keep their medical insurance for 18 months if they pay the cost (full amount of the premium).
part A - ANSWERSMedicare _____ is free.
part B - ANSWERSMedicare _____ is paid for by the insured.
auto coverage - ANSWERSLiability, personal injury or medical coverage, uninsured or under-insured coverage, comprehensive, collision, and towing and roadside assistance, and car rental coverage are the seven types of _____ available to consumers.
compounding - ANSWERSThe rule of 72, or _____, shows how long it will take for a person's investment to double. (72 / current interest rate = number of year required to double original investment)
liquidity - ANSWERS_____ is the ability to convert an investment into cash.
share accounts - ANSWERS_____ are more liquid than diamonds and gold.
return - ANSWERS_____ is the gain in value a person's investment earns.

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