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FiCEP Exam Certification 2024/2025 |Complete Solution| Graded A+[Multiple Choices] Which cycle describes members who are just surviving and living paycheck to paycheck? a. Earn / spend / earn / spend b. Earn / spend / borrow / spend c. Earn / spend / s$11.49
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FiCEP Exam Certification 2024/2025 |Complete Solution| Graded A+[Multiple Choices] Which cycle describes members who are just surviving and living paycheck to paycheck? a. Earn / spend / earn / spend b. Earn / spend / borrow / spend c. Earn / spend / s
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Ficep
FiCEP [CUNA Review] Final Exam
2024/2025 UPDATED Questions and
Answers |100% Correct
What type of tax system charges everyone the same dollar amount regardless of income?
A. Progressive tax
B. Flat tax
C. Poll tax
Select the statement that correctly describes a progressive tax. A progr...
FiCEP [CUNA Review] Final Exam
2024/2025 UPDATED Questions and
Answers |100% Correct
What type of tax system charges everyone the same dollar amount regardless of income?
A. Progressive tax
B. Flat tax
C. Poll tax
Select the statement that correctly describes a progressive tax. A progressive tax requires
people to pay more as they earn more.
What is the primary purpose of income tax?
A. To encourage consumer spending
B. To generate revenue for the government
C. To control inflation
Which tax is typically based on the value of goods sold to consumers?
A. Sales tax
B. Property tax
C. Estate tax
Which tax is paid by businesses based on their profits?
A. Excise tax
1
, B. Corporate income tax
C. Payroll tax
What is a progressive tax system?
A. A tax system where everyone pays the same rate
B. A tax system where higher-income earners pay a higher percentage
C. A tax system where tax rates decrease over time
Which of the following taxes is considered a regressive tax?
A. Corporate tax
B. Sales tax
C. Income tax
Property tax is typically used to fund which of the following?
A. Federal military operations
B. Local services such as schools and police
C. International trade
Which type of tax is imposed on the transfer of property after death?
A. Gift tax
B. Estate tax
C. Sales tax
2
,What is an excise tax?
A. A tax on specific goods, like alcohol and tobacco
B. A tax on income earned abroad
C. A tax on business profits
Which type of tax is based on the value of an individual's estate at the time of death?
A. Income tax
B. Estate tax
C. Sales tax
What is the main purpose of payroll taxes?
A. To fund Social Security and Medicare
B. To encourage employment
C. To provide unemployment benefits
Which tax is typically withheld from an employee's paycheck?
A. Property tax
B. Payroll tax
C. Sales tax
Which of the following best describes a flat tax system?
A. Everyone pays the same percentage, regardless of income
B. Higher-income earners pay a higher percentage
3
, C. Lower-income earners pay a lower percentage
Which tax is applied directly to the sale of specific goods or services, such as gasoline?
A. Corporate tax
B. Sales tax
C. Excise tax
What is the function of capital gains tax?
A. To tax wages and salaries
B. To tax inheritance
C. To tax profit from the sale of investments
Which tax is imposed on real estate or other personal property?
A. Income tax
B. Property tax
C. Payroll tax
Which of the following is generally not subject to sales tax?
A. Groceries in some states
B. Luxury goods
C. Gasoline
Which tax is levied on employers and employees to fund federal programs like Social Security?
4
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