HR Block - Quiz Week 8 - Tax Forms & Taxes A Latest Update 2024-2025 125 Questions and 100% Verified Correct Answers Guaranteed A+
A good budget will insure that you will never make a late payment or bounce a check. -
CORRECT ANSWER: False
Filing bankruptcy will typically wipe out all debts including student loans - CORRECT
ANSWER: False
How can understanding risk management topics help me in everyday life? - CORRECT ANSWER: It can help safeguard your credit and protect you from lawsuits, you can avoid large medical bills incurred because you have no medical insurance, understanding risk management helps you evaluate the risks involved with situations you might face while driving, hanging out with friends, or being adventurous.
How do Credits and Adjustments impact what John owes on his current bill? Refer to Invoice - Lots of Watts - CORRECT ANSWER: John was credited $18.85 on his last bill so he owes $18.85 less on his current bill.
How much can be borrowed each billing cycle without incurring any over the limit fees?
Refer to Invoice - Surge Credit Card - CORRECT ANSWER: $2,000
How much can be paid on time to avoid paying fees but not interest? Refer to Invoice -
Surge Credit Card - CORRECT ANSWER: $53
How much did John 'take home' in net pay? (Assuming this was John's only job) Refer
to W-2 - CORRECT ANSWER: $31,878.71
How much did John make in wages in the 2014 tax year? (Assuming this was John's
only job) Refer to W-2 - CORRECT ANSWER: $42,417.88
How much did John pay in State Taxes in the 2014 tax year? Refer to W-2 - CORRECT
ANSWER: $1,217.39
How much did John save in his 401(k) in the 2014 tax year? Refer to W-2 - CORRECT
ANSWER: $2,113.29
How much has Lots-O-Watts Energy charged for energy this billing cycle? Refer to
Invoice - Lots of Watts - CORRECT ANSWER: $68.85
How much is the total amount due to Lots-O-Watts Energy? Refer to Invoice - Lots of
Watts - CORRECT ANSWER: $50.00
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How much money did John pay in Federal taxes, excluding Medicare and Social
Security? Refer to Paycheck detail - CORRECT ANSWER: $153.20
If I invest $100 per month starting at age 21, and that money earns a 7% return, how much will I have after 70 years? - CORRECT ANSWER: More than 1.5 million dollars
If you are undecided between two charities that support the same cause, one way to decide is to pick the charity with the lowest administrative and fundraising costs. -
CORRECT ANSWER: True
If you have car insurance and allow your friend (who doesn't have car insurance) to drive your car, you will NOT be covered if your friend wrecks your car. - CORRECT
ANSWER: False
If you have ODP, you won't ever bounce a check. - CORRECT ANSWER: False
If you were to save money for an Emergency Fund, which would be the best way to do
this? - CORRECT ANSWER: In a Savings Account earning 1.5%
If your income increases with the rate of inflation then... - CORRECT ANSWER: Your standard of living will likely stay the same
Increasing the allowances claimed on an "Employee's Withholding Allowance Certificate" (IRS from W-4) - CORRECT ANSWER: Will decrease your tax refund (or increase any amount owed in taxes) upon filing
One of the most common types of consumer fraud/scams is 'Phishing'. Which are forms
of phishing? - CORRECT ANSWER: You receive an email that ask you for some
additional bank information so that your direct deposit can be processed.You receive an email regarding an incorrect charge on your credit card with a link to log into your account, but the link doesn't look like your credit card's website.
The fee the bank charges the depositor of a bad check is... - CORRECT ANSWER: A
returned check fee
The fee the bank charges the issuer of a bad check is... - CORRECT ANSWER: Non-
sufficient funds fee (NSF)
The fee the recipient of the bad check issues the originator of the check for giving them
a bad check is... - CORRECT ANSWER: A returned check fee
The name of the nation's largest consumer protection agency that works to prevent fraudulent, deceptive and unfair business practices in the marketplace. - CORRECT
ANSWER: The Federal Trade Commission (www.consumer.ftc.gov)
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