1.Which type of income did we say is usually used to determine if you qualify for certain deductions or exemptions on your tax return?

a. gross income

b. adjusted gross income

c. passive income

d. taxable income

2.____ is/are not a liquid asset.

a. a saving account

b. bond mutual funds

c. a checking account

d. a money market mutual bond

3.Your average tax rate is

a.our adjusted gross income divided by tax withheld.

b.your adjusted gross income divided by tax liability.

c.almost always lower than your marginal tax rate.

d. your gross income divided by tax refund.

4.if you do not wish to itemize deductions, you can use the

a.exemption.

b. standard deduction

c. bracket deduction

d.withholding allowance