2. Real estate and state income taxes can: a. Not be deducted b. Be deducted as an itemized deduction capped at $10,000 for both. c. Deducted as an above the line deduction d. Be used as a credit to offset taxable income 3. To determine the future value of money deposited today, you need to know all of the following, except: a. The amount of your deposit b. The interest rate earned on your deposit c. The reliability of the financial institution you use for your money. d. The number of years the money will be invested. 4. Key budgeting decisions that improve your financial plan include the following, except: a. How can I improve my net cash flows in the distant future? b. How can I improve my net cash flows in the near future? c. How can I reduce my dependence on borrowing money? 5. Weak economic conditions affect the personal balance sheet in the following ways, except: a. Weak sales volume for businesses b. Weak demand for homes C. Asset values go up. d. Prices for goods fluctuate usually in a downward direction. 6. A complete financial plan has the following components, except: a. Investing your money b. Preparing and filing your own tax returns c. Managing your liquidity d. Planning for retirement