MCS 2100 Final Exam Question and answers rated A+
Cash flow statement - correct answer Summary of cash in and out over a given time
Balance sheet - correct answer snapshot of finances at a particular time
list of assets and liabilities
Consumer Price Index (CPI) - correct answer ...
MCS 2100 Final Exam Question and
answers rated A+
Cash flow statement - correct answer ✔Summary of cash in and out over a
given time
Balance sheet - correct answer ✔snapshot of finances at a particular time
list of assets and liabilities
Consumer Price Index (CPI) - correct answer ✔Average change in price for
a fixed amount of goods/services
Net Pay (Take Home Pay) - correct answer ✔aka disposable income
total earnings after deducting tax
Discretionary income - correct answer ✔money left over after paying for
necessities
Gross Income - correct answer ✔Employment
Retirement income (pensions)
Investment income
Employment insurance
Taxable capital gains
Spousal Support
Old age security
,Deductions - correct answer ✔(expenses incurred while earning an income)
Childcare
Moving for a job
Interest payed on investment loans
Carrying charges (related to investments eg. safety deposit box rental)
Union + Professional dues + employment expenses
Contributions to deferred income plans (RRSP)
Marginal Tax Rate - correct answer ✔the extra taxes paid on an additional
dollar of income
Average Tax Rate - correct answer ✔% of income that is payed in taxes
Non-refundable Tax Credit - correct answer ✔tax credit that is subtracted
from your tax payable (act as a deduction)
Can only reduce the taxes you owe
e.g.
Basic personal / spousal
Dependents
Age
Disability
Tuition/Textbooks
Public transport
Children's fitness
Refundable Tax Credit - correct answer ✔Received as cash back (don't need
tax payable)
for low-income families
HST rebate + the ontario trillium benefit (ON-BEN)
Excise Tax - correct answer ✔imposed on specific goods/services
e.g. gasoline
Capital Gains Tax - correct answer ✔a tax levied on the returns that people
earn from capital investments, like the profits from the sale of stocks or a
home
up to 50% is taxable
Tax on Income System (TONI) - correct answer ✔allows each province to
decide their own tax rates and tax credits
Source Withholding - correct answer ✔Employer is required to withhold tax
at source and give it to the CRA
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