ACC 547 Final Exam MCQ

Multiple-choice questions and answers for a final exam.

Scarlett Anderson

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ACC 547 Final ExamMCQ1)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 person's or family'sA. 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 incomedollar 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 isA. adjusted gross income minus from AGI deductionsB. realized income from whatever source derivedC. adjusted gross incomeD. gross income

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University

DePaul University

Course

ACC 547

Subject

Accounting

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