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Questions and Answers of Personal Financial Planning

Define personal and dependency exemptions.
Nonresident aliens and dual-status aliens are allowed to use a standard deduction.a. Trueb. False
The standard deduction is an amount specified by Congress that is used to off- set adjusted gross income.a. Trueb. False
Adjusted gross income is gross income reduced by below-the-line deductions.a. Trueb. False
Identify when a taxpayer is not permit- ted to use the standard deduction.
Identify the difference between the stan- dard deduction and itemized deduc- tions.
Define adjusted gross income.
Alimony received is included in gross income.a. Trueb. False
Property obtained by inheritance is not included in gross income.a. Trueb. False
Income includes a return of invested capital.a. Trueb. False
The basic tax formula is Income - Cred- its Taxable Income.a. Trueb. False
Greg just received his student loan statement that indicates he paid $3,000 of interest on his student loan during the tax year. How much of the loan may he deduct?a. None of the interest is
Income to U.S. taxpayers is taxed in the year it is derived in which of the following situations?• Interest earned but reinvested in a savings account in an FDIC savings bank.• Unrealized
Lauren has purchased a home worth $1.5 million with an interest-only mortgage of$1.2 million. She is currently only paying interest on the mortgage in the amount of$60,000 per year. What amount may
Kim and Warren are both 67 years old and healthy. They are filing their tax return and want to know how many personal exemptions they may take. You correctly inform them that they can take:a. 1.b.
Lucy, a single mother, has four children, ages 4, 8, 12, and 17.How much will her child tax credit be for the current tax year assuming she is under the AGI threshold?a. $1,000.b. $2,000.c. $3,000.d.
Sam’s Turbo Repair, Inc. (STR) purchased a new machine for cleaning and retooling the turbo blades on semi-trucks. The machine cost was $30,000, 10% sales tax, and$1,000 delivery and setup fee.
Jason has three capital transactions for the current year:• Short-term capital loss of $5,000• Short-term capital gain of $3,000• Long-term capital loss of $2,000 What is the net effect on
Ima Clipper, a well-known artists, donated one of her original bronze creations to a local charity, which auctioned the piece for $3,000. Ima totaled her costs as follows:• Bronze = $425• Other
Contributions to charity are limited to a certain percentage of income. How long is the carry-over period for individuals to use any excess current charitable deduction?a. One year.b. Five years.c.
Sammy failed to file his tax return from a few years ago and pay the $5,000 tax liability that was owed at the time. Sammy’s new tax advisor prepares and files the return in the current year, 21
Aurora had the following cash inflows during the current taxable year:1.. Wages: $45,000 2.. Loan Proceeds: $2,000 3.. Child Support: $5,000 4.. Stock Sale Proceeds: $3,000 5.. U.S. Government Bond
Isaac is a middle school teacher with gross income this year of $35,000. Based on the following, what is Isaac’s adjusted gross income?1.. $4,000 qualified education interest expense.2.. $2,000
Bruce, a single taxpayer, has been transferred by his company to Philadelphia. He sold his house for $650,000 and he had an adjusted basis of $330,000. He owned and lived in the home for 18 months.
‘Trina gave her nephew Roy 100 shares of HLM Corporation stock that she purchased 6 months ago for $10,000. At the time of the gift, the fair market value of the stock was$12,000. Which of the
On September 20 of Year 1, Sean purchased 1,000 shares of Austin Enterprises, Inc.common stock for $25,000. He sold the shares for $35,000 on September 20 of Year 2.Which of the following statements
Which of the following statements is true regarding refundable tax credits?a. There are more refundable tax credits than nonrefundable credits.b. Refundable tax credits can be used only to reduce or
Which of the following is not excluded from gross income?a. Gifts.b. Scholarships.c. Interest income from municipal bonds.d. Dividend income.
Which of the following is not an available filing status?a. Qualified dependent child.b. Married filing jointly.c. Head of household.d. Surviving spouse.
Under which of the following circumstances must a taxpayer itemize his deductions?1.. When the taxpayer has been married for less than one year.2.. When the taxpayer is married and files a separate
Which of the following is not an itemized deduction from adjusted gross income?a. Alimony paid.b. Medical expenses in excess of 7.5% of AGI.c. Charitable contributions.d. Home mortgage interest.
Angie and Patrick were married on September 1 of this year. Following a honeymoon in Hawaii, Patrick died of a heart attack. Neither Angie nor Patrick had any dependents.What filing status can Angie
Arturo, a consultant, uses the cash method of accounting for his business. Arturo recently provided consulting services to his best customer Sergio. When should Arturo recognize income from this
At that time, she owed $800 on a total tax liability of $10,000 and she submitted a check for $800 with her tax return. Which of the following penalties will apply to Amy?a. Failure to file.b.
Amy filed her tax return on April
What is the difference between the tax rate for short-term capital gains and long-term capital gains?
How is the holding period determined for property received from a decedent's estate?
What is the difference between a short-term and long-term holding period?
What is the amount realized?
Name several items that decrease basis.
Name several items that increase basis.
What is cost basis?
Describe three uses of basis.
What is basis and what is the purpose of basis?
Why is a tax credit generally more beneficial than a tax deduction of the same amount?
Compare and contrast nonrefundable and refundable tax credits.
What are the different filing statuses available to taxpayers?
Under what circumstances may a taxpayer be entitled to an additional standard deduction?
What is adjusted gross income and what is its significance?
What are the two types of deductions?
List some examples of items that would be included in gross income.
Define gross income.
What are exclusions and where do they come from?
How is income defined?
What are the administrative sources of tax law?
What are the statutory sources of tax law?
What is the legal basis for today’s income tax?
What are the three primary sources of tax law?
Identify items included in gross income.
Identify items excluded from gross income.
Define income.
Explain the basic tax formula.
The legal basis for the modern income tax is the 16th Amendment to the U.S. Constitution.a. Trueb. False
Statutory tax law is established through legislative authoritya. Trueb. False
The three top sources of tax law includes statutory, agency, and judicial.a. Trueb. False
Identify the sources of administrative tax law.
Identify how statutory tax law is estab- lished.
Describe the legal basis for the modern income tax.
Identify the three primary sources of tax law.
Simulations allow for an unlimited number of simultaneous ranging vari- ables.a. Trueb. False
Monte Carlo analysis predicts particular events.a. Trueb. False
Sensitivity analysis eliminates the risk of retirement planning.a. Trueb. False
What is a Monte Carlo Analysis?
Explain how sensitivity analysis is used.
The capital preservation model and the purchasing power preservation model are used to mitigate the risk of outliving retirement funds.a. Trueb. False
The annuity method assumes that the individual will die at the expected life expectancy with a retirement account balance of zero.a. Trueb. False
Capital needs analysis is the process of calculating the amount of investment capital needed at retirement to maintain the pre-retirement lifestyle..a. Trueb. False
What assumptions must be made in capital needs analysis?
How do each of these methods differ?
What are the three most common methods for analyzing capital needs?
What is capital needs analysis and why is it important in retirement planning?
Factors that positively impact retire- ment planning include reduced WLE and increased RLE.a. Trueb. False
Many people begin planning too late in life and save too little to effectively meet their retirement income needs.a. Trueb. False
Qualitative factors associated with retirement are of less importance than the financial or quantitative factors.a. Trueb. False
What are some of the common factors that negatively affect retirement plan- ning and what impact do they have on the planning process?
Why are qualitative factors important considerations in retirement planning?
Personal savings is the source of retirement income most influenced by the individual.a. Trueb. False
Social Security is an adequate wage replacement for most individuals.a. Trueb. False
Retirees generally rely on Social Secu- rity, private pension plans, and personal savings to fund their retirement income.a. Trueb. False
Discuss the importance of personal sav- ings to an individual's retirement income needs.
How does Social Security factor into retirement income?
Identify the main sources of retirement income.
The two methods for calculating WRR are the top-down approach and the budgeting approach.a. Trueb. False
The WRR is an estimate of the percent- age of annual income needed during retirement compared to income earned prior to retirement.a. Trueb. False
How is the WRR calculated utilizing the two applicable methods?
Identify the two alternative methods for calculating the wage replacement ratio.
What is the wage replacement ratio?
List the common factors that increase and decrease retirement income needs.
Individuals must consider the impact of inflation when projecting retirement needs.a. Trueb. False
Fixed-income securities generally pro- vide the best hedge against inflation and loss of purchasing power.a. Trueb. False

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