Question 15 pts

The expression “as is” posted on a car that is for sale means that the car is being sold ____________.

With full warranty

With warranty from the manufacturer

With warranty from the dealership

With no warranty

Flag this QuestionQuestion 25 pts

The ____________ is the price that appears on the invoice that the manufacturer sends to the dealer when the dealer receives a car from the factory.

Sticker Price

Invoice Price

True Market Value Price

MSRP

Flag this QuestionQuestion 35 pts

One disadvantage of ____________ compared to ____________ is the mileage restrictions.

Taxing ———— Insuring

Paying Cash ———— Financing

Leasing ———— Buying

Buying ———— Leasing

Flag this QuestionQuestion 45 pts

One advantage of ____________ over ____________ is a lower up front payment.

MSRP ———— Invoice Price

Buying ———— Leasing

Paying Cash ———— Financing

Leasing ———— Buying

Flag this QuestionQuestion 55 pts

One disadvantage of buying a car is that its value ____________ over time.

Fluctuates

Increases

Deppreciates

Stabilizes

Flag this QuestionQuestion 65 pts

____________ is a company that provides information about the market price of cars.

Consumers Reports

Carfax

Transunion

Kelly Blue Book

Flag this QuestionQuestion 75 pts

____________ is a company that provides vehicle history reports.

Kelley Blue Book

Transunion

Consumers Reports

Carfax

Flag this QuestionQuestion 85 pts

A ____________ is a vehicle that you offer to the dealership in exchange for credit toward the price of the automobile that you’re purchasing.

Fuel Efficiency

MSRP

Trade-In Car

Down Payment

Flag this QuestionQuestion 95 pts

A ____________ is a tax imposed by the government on the sale of goods and services.

Gift Tax

Sales Tax

Property Tax

Estate Tax

Flag this QuestionQuestion 105 pts

A ____________ is a tax on the value of a property.

Sales Tax

Gift Tax

Property Tax

Estate Tax

Flag this QuestionQuestion 115 pts

The taxation system in the U.S. is ____________. This means that the tax rate for high-income earners is ____________ for low-income individuals.

Regressive ———— Lower than

Proportional ———— Lower

Flat ———— The same as

Progressive ———— Higher than

Flag this QuestionQuestion 125 pts

A ____________ is a range of incomes that are subject to a certain income ____________.

Tax Bracket ———— Tax Rate

Filing Status ———— Level

Gross Income ———— Range

Tax Liability ———— Dependent

Flag this QuestionQuestion 135 pts

The U.S. government agency responsible for the collection of taxes and enforcement of tax laws is:

Consumers Reports

Equifax

The Department of Justice

The Internal Revenue Service

Flag this QuestionQuestion 145 pts

The Federal Insurance Contributions Act (FICA) tax is a tax imposed on both employees and employers to fund ____________ and ____________.

The IRS ———— Medicaid

Social Security ———— Medicare

The Pentagon ———— The Department of the Treasury

CNN ———— Fox News

Flag this QuestionQuestion 155 pts

____________ is illegal. ____________ is legal.

Tax Evasion ———— Tax Avoidance

Income Tax ———— Estate Tax

Tax on sales ———— Tax on property

Tax Avoidance ———— Tax Evasion

Flag this QuestionQuestion 165 pts

____________ is a tax imposed by the government on the income of all entities under its jurisdiction.

Income Tax

Excise Tax

Sales Tax

Property Tax

Flag this QuestionQuestion 175 pts

The ____________ is an individual’s total pay before accounting for taxes or other deductions.

Tax Return

Tax Liability

Gross Income

Tax Bracket

Flag this QuestionQuestion 185 pts

The W – 4 form (shown below) is a document used by ____________ to indicate their tax situation to the employer.

IRS officials

Employees

The federal government

The Social Security Administration

Flag this QuestionQuestion 195 pts

The American Opportunity Tax Credit (AOTC) gives ____________ tax breaks for qualified education expenses, such as tuition.

Veterans

Non Profit Organizations

Students

Employers

Flag this QuestionQuestion 205 pts

Find the effective tax rate if a person owed $ 5,000 in federal income tax and had a taxable income of $ 50,000.

10 %

0.5 %

0.1 %

5 %