ACC 547 FINAL EXAM

Jul 21st, 2016
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1) A family with $45,000 in assets and $22,000 of liabilities would have a net worth of A. $67,000 B. $45,000 C. $22,000 D. $23,000 2) A budget deficit would result when a person’s or family’s A. assets exceed liabilities B. net worth decreases C. actual expenses are greater than planned expenses D. actual expenses are less than planned expenses 3) The payment items that should be budgeted first are A. unplanned living expenses B. fixed expenses C. investment funds D. variable expenses 4) Which of the following statements regarding tax credits is true? A. None of the answer choices are correct. B. Tax credits reduce taxable income dollar for dollar. C. Tax credits reduce taxes payable dollar for dollar. D. Tax credits provide a greater tax benefit the greater the taxpayer’s marginal tax rate. 5) The tax base for an individual tax return is A. adjusted gross income minus from AGI deductions B. realized income from whatever source derived C. adjusted gross income

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ACC 547 FINAL EXAM1) A family with $45,000 in assets and $22,000 of liabilities would have a net worth ofA. $67,000B. $45,000C. $22,000D. $23,0002) A budget deficit would result when a persons or familysA. assets exceed liabilitiesB. net worth decreasesC. actual expenses are greater than planned expensesD. actual expenses are less than planned expenses3) The payment items that should be budgeted first areA. unplanned living expensesB. fixed expensesC. investment fundsD. variable expenses4) Which of the following statements regarding tax credits is true?A. None of the answer choices are correct.B. Tax credits reduce taxable income dollar for dollar.C. Tax credits reduce taxes payable dollar for dollar.D. Tax credits provide a greater tax benefit the greater the taxpayers marginal tax rate.5) The tax base for an individual tax return isA. adjusted gross income minus from AGI deductionsB. realized income from whatever source derivedC. adjusted gross incomeD. gross income6) Which of the following statements regarding exemptions is correct?A. Taxpayers subtract exemption deductions from adjusted gross income to determine taxableincome.B. Personal exemptions are more valuable than dependency exemptions.C. Exemption amounts are considered to be for AGI deductions.D. Taxpayers filing a married filing jointly return are limited to two exemptions on their taxreturns.7) Which of the following has the lowest authoritative weight?A. Interpreti

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