14 May ANSWER THE FOLLOWING REVIEW QUESTIONS CHP 4-6
Answer the following review questions chp 4-6
Answer the following Review Questions found at the end of the chapters. Submit your answers as a Word document in the Assignment 2 area.
Chapter 4: 2, 3, 9, 12, 20.
Chapter 5: 2, 7, 9, 13, 14.
Chapter 6: 1, 6, 7, 13, 20.
Chp 4
2.
If someone is in the 28 percent marginal tax bracket, is that persons entire income taxed at 28 percent? Why or why not?
3.
It can be said that capital gains income is better than interest income because of taxes and timing. Why? Is the same true for dividend income?
9.
What are the three primary types of taxable income, as defined by the IRS?
12.
List the six most common itemized deductions and describe the limits set on each.
20.
What are the five general tax reduction strategies? Give a brief synopsis of each.
Chp 5
2.
Name three characteristics of liquid assets. What are the disadvantages of having too much or too little money held as liquid assets?
7.
What is a credit union and what are some of its distinguishing features?
9.
List three characteristics of certificates of deposit (CDs).
13.
Who would benefit the most from investing in tax-exempt securities? Why?
14.
What factors should you consider when choosing a financial institution?
CHP 6
1.
Define the term credit. How is credit different from open credit? What is revolving credit?
6.
List and briefly describe the most common fees and penalties imposed by credit card issuers.
7.
List five benefits, or advantages, associated with credit card or open credit use. What is the major disadvantage?
13.
Explain the five Cs of credit and how they relate to individual creditworthiness.
20.
List four ways to avoid credit card fraud.
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