FHCE 3200 Study guides, Class notes & Summaries

FHCE 3200 Exam 2 Questions and Answers 100% Pass capital asset - Answer- -almost everything you own or use for personal or investment purposes --your home --your car --investment like stocks, bonds, and mutual funds --ownership interest in small business you started --rental or other real estate you own basis - Answer- the price you pay, when you buy a capital asset capital gain - Answer- if you sell the asset for more than you paid for it capital loss - Answer- if you sell the asset ...

FHCE 3200 Exam 3 Quiz Questions with 100% Correct Answers TRUE or FALSE: A Roth IRA qualifies for the IRA tax deduction found on the 1040 tax form. a. TRUE b. FALSE - Answer- b. FALSE Erin, a good friend of yours, would like to transfer a boat she inherited to her nephew who is 9 years of age. She heard that there is a way to go about doing this but is unsure. What type of custodial account will she need? a. Universal Transfer to Minors Act b. Universal Bequest to Minors Act c. Univer...

FHCE 3200 EXAM #2 STUDY GUIDE 2024 QUESTIONS AND ANSWERS Flat tax - Answer- everyone pays the same rate regressive tax - Answer- low income earners pay a larger proportion of their incomes in taxes relative to high-income households Progressive tax - Answer- those with more income pay increasingly higher taxes, high- income earners pay a disproportionately larger amount of taxes different types of taxes - Answer- •Federal income taxes •State income taxes (where applicable) •Payrol...

FHCE 3200 Exam 3 Questions and Answers 100% Pass risk - Answer- the possibility of losing money if --prices increase over time --a company in which your invest closes --general interest rates increase --you cannot sell something you own due to a weak market inflation risk - Answer- prices increase over time business risk - Answer- a company in which you invest closes interest rate risk - Answer- general interest rates increase (reduces the values of investments) liquidity risk - Answe...

FHCE Exam 3 Questions and Answers 100% Pass More than ______________ teens are unable to make simple, everyday choices about spending - Answer- 1 in 6 Only ____________ teens can solve complex financial tasks. - Answer- 1 in 10 ______________ percent of US students do not even reach the baseline level of financial proficiency - Answer- 17.8 Financial Literacy and Education Commission - Answer- established under the Fair and Accurate Credit Transactions Act of 2003 What was the Financial ...

FHCE 3200 EXAM #2 STUDY GUIDE 2024 QUESTIONS AND ANSWERS Flat tax - Answer- everyone pays the same rate regressive tax - Answer- low income earners pay a larger proportion of their incomes in taxes relative to high-income households Progressive tax - Answer- those with more income pay increasingly higher taxes, high- income earners pay a disproportionately larger amount of taxes different types of taxes - Answer- •Federal income taxes •State income taxes (where applicable) •Payrol...

FHCE 3200 Exam 3 Questions and Answers 100% Pass risk - Answer- the possibility of losing money if --prices increase over time --a company in which your invest closes --general interest rates increase --you cannot sell something you own due to a weak market inflation risk - Answer- prices increase over time business risk - Answer- a company in which you invest closes interest rate risk - Answer- general interest rates increase (reduces the values of investments) liquidity risk - Answe...

FHCE Exam 3 Questions and Answers 100% Pass More than ______________ teens are unable to make simple, everyday choices about spending - Answer- 1 in 6 Only ____________ teens can solve complex financial tasks. - Answer- 1 in 10 ______________ percent of US students do not even reach the baseline level of financial proficiency - Answer- 17.8 Financial Literacy and Education Commission - Answer- established under the Fair and Accurate Credit Transactions Act of 2003 What was the Financial ...

FHCE 3200 Exam 2 Questions and Answers 100% Pass capital asset - Answer- -almost everything you own or use for personal or investment purposes --your home --your car --investment like stocks, bonds, and mutual funds --ownership interest in small business you started --rental or other real estate you own basis - Answer- the price you pay, when you buy a capital asset capital gain - Answer- if you sell the asset for more than you paid for it capital loss - Answer- if you sell the asset ...

FHCE 3200 Exam 3 Quiz Questions with 100% Correct Answers TRUE or FALSE: A Roth IRA qualifies for the IRA tax deduction found on the 1040 tax form. a. TRUE b. FALSE - Answer- b. FALSE Erin, a good friend of yours, would like to transfer a boat she inherited to her nephew who is 9 years of age. She heard that there is a way to go about doing this but is unsure. What type of custodial account will she need? a. Universal Transfer to Minors Act b. Universal Bequest to Minors Act c. Univer...