100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
CPF FINAL EXAM QUESTIONS AND ANSWERS ALL CORRECT $11.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. CPF
  4.  
  5. CPF

Exam (elaborations)

CPF FINAL EXAM QUESTIONS AND ANSWERS ALL CORRECT

 0 purchase
  • Course
  • CPF
  • Institution
  • CPF

CPF FINAL EXAM QUESTIONS AND ANSWERS ALL CORRECT What can be taxed? - Answer- Earned Income (income tax)- wages, salaries, tips (federal and state) Other Income - winnings Investment Income - dividends, interest Capital Gains - profits from sale of an investment Purchases (sales tax) Typ...

[Show more]

Preview 2 out of 6  pages

Document information

  • October 29, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • CPF
  • CPF

Seller

avatar-seller
Scholarsstudyguide

Reviews received

Content preview

CPF FINAL EXAM QUESTIONS
AND ANSWERS ALL CORRECT
What can be taxed? - Answer- Earned Income (income tax)- wages, salaries, tips
(federal and state)
Other Income - winnings
Investment Income - dividends, interest
Capital Gains - profits from sale of an investment
Purchases (sales tax)

Types of taxes - Answer- Real Estate Property Taxes - land and buildings
Estate Tax- tax on sale of possessions after death - can be up to 50%!
Gift Tax - gifts over $15,000
Sin Tax - Cigarettes and Alcohol
Hotel Tax - (luxury tax, occupancy tax, city tax)

Excise Taxes - Answer- taxes charged on the purchase of specific goods and services
(tax is built into the price)

IRS (Internal Revenue Service) - Answer- US government agency that is responsible for
the collection and enforcement of taxes; can audit you and keep a copy of your taxes for
7 years

Payroll taxes - Answer- Social Security, Medicare, and Unemployment

Tax avoidance - Answer- the use of legitimate methods to reduce one's taxes

Tax evasion - Answer- the use of illegal actions to reduce one's taxes

W4 form - Answer- Employee's Withholding Allowance Certificate - Determines the
percentage of gross pay
which will be withheld for taxes

Tax brackets - Answer- Show how income tax ranges based on income

Principal - Answer- The amount of money borrowed

Interest - Answer- The price paid for the use of borrowed money

Maturity date - Answer- The date on which an investment becomes due for payment

, Grace period - Answer- A time period during which no finance charges will be added to
your account

Garnishment - Answer- A court ruling that requires that money be deducted from a
person's paycheck involuntarily in order to pay a debt

Universal default - Answer- A clause included in many credit card company agreements
that allows a credit card company to increase your interest rate if you make just one late
payment

Fixed rate - Answer- has a set interest rate that remains constant

Variable rate - Answer- interest rate which can change over time

Introductory rate - Answer- A temporary interest rate, advertised as a low APR to entice
customers to apply for a credit card; after the introductory period, the interest rate will
increase to the regular APR

Warranties - Answer- Promises to repair or replace a faulty product

Vehicle expenses - Answer- Gas, maintenance, title and registration, etc.

Rent vs. Buy - Housing - Answer- Rent: no down payment needed, less maintenance
fees
Buy: more taxes, higher net worth, own an appreciating asset

Types of housing - Answer- Duplex (2 units), townhouse (4-8 units), apartment (many
units), condo (individually owned units with shared common areas), mobile homes
(DEPRECIATE in value)

How to manage risk - Answer- Avoid, Reduce, Accept, Share

Premiums - Answer- the periodic payment made on an insurance policy

Who uses Medicare? - Answer- -65 or over
-People with disabilities
-People with end-stage renal failure

Who uses Medicaid? - Answer- -People with low income
-Elderly
-Disabled

Why are healthcare costs increasing? - Answer- Government policy; lifestyle changes
that increase diabetes, heart disease, and other health issues; new technology

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67479 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$11.99
  • (0)
Add to cart
Added