H&R BLOCK

H&R BLOCK INCOME TAX COURSE EXAM Q&A 2025 100% VERIFIED

Adjustable rate mortgage (ARM) Ans: (ARM) A mortgage that permits the lender to periodically adjust the interest rate to reflect fluctuations in the cost of money. auto insurance Ans: Insurance to protect a car owner in the event of an accident or damage to a vehicle. budget Ans: A detailed plan of income and expenses expected over a certain period of time cash flow 2 | Page Ans: the difference between cash coming in and cash going out of a business ...

Earned Income Ans: received for services performed. some examples include wages, commissions, tips, farming, and other business income. Unearned Income Ans: taxable income that does not meet the definition of earned income. Examples of unearned income include interest income, dividends, rents and royalties, pensions, alimony, and unemployment income. Is interest received on U.S. Treasury obligations taxable on state and/or local returns? Ans: No. Interest on U.S. ...

adjustable rate mortgage Ans: mortgage that has fluctuating principal and interest payments. ARMs often begin as fixed mortgages and after a certain number of years shift into adjustable rates auto insurance Ans: a type of insurance used by vehicle owners to cover costs associated with car accidents budget Ans: a chart that documents how much money an individual earns and spends cash flow 2 | Page Ans: the relationship between income and expenses in a ...

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