ACC 547 Final Exam MCQ
Multiple-choice questions and answers for a final exam.
Scarlett Anderson
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ACC 547 Final Exam MCQ
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
D. gross income
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
D. gross income
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Document Details
University
DePaul University
Subject
Accounting