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A(n) ____ would not be listed as an asset on your balance sheet.

  • FIN 215 Personal Financial Planning Quiz 2 Answers

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  1. A(n) ____ would not be listed as an asset on your balance sheet.
  2. The income statement is specific to
  3. You are solvent if your
  4. The expenditure categories for your budget should be determined by
  5. A budget is a
  6. In order to minimize the difficulty associated with meeting monthly loan payments, the debt service ratio should be
  7. When Phil lists his house on his balance sheet, he should record the
  8. Budgets are
  9. On the balance sheet, a mortgage loan is recorded as the
  10. Your ____ is an example of a liquid asset.
  11. Your average tax rate is your
  12. A capital gain is the result of
  13. A declaration of estimated taxes is made by filing
  14. You have no employer provided pension plan; your IRA contributions are treated as
  15. You are preparing your own tax return. The least costly source for answering your questions would be
  16. To qualify for the capital gain exclusion on a home sale, the seller must have resided in the residence for ___ of the previous 5 years.
  17. Which of the following state and local taxes are deductible on federal income taxes for those that itemize deductions?
  18. For 2011, each personal exemption reduced taxable income by
  19. A progressive tax system is one in which higher-income people pay ____ than lower-income people.
  20. Which of the following cannot be adjustment(s) to gross income on the 1040 form?

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