FiCEP Study Guide (Final) EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) A tax is defined as a contribution that supports the _____ of a government. - Correct Answers ✅operating costs A _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples) - Correct Answers ✅progressive A _____ tax charges the same percentage of the cost of a good or service, no matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples) - Correct Answers ✅regressive Sometimes taxes are called _____. - Correct Answers ✅fees or surcharges A _____ could include the cost of a driver's license or a hunting license. - Correct Answers ✅fee A _____ could be a gasoline tax, tobacco tax, or liquor tax. - Correct Answers ✅surcharge Taking care of _____ is as important for a member's financial well-being as it is to pay their bills on time. - Correct Answers ✅tax obligations 1 / 4
FiCEP Study Guide (Final) EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) Any _____ from the IRS should be reviewed and dealt with as soon as possible. - Correct Answers ✅correspondence If you have not been able to resolve a problem with the IRS, seek assistance from the _____. - Correct Answers ✅taxpayer advocate service.Complex tax situations might require members to hire a _____. - Correct Answers ✅tax professional _____% of taxpayers may be eligible for free tax filing assistance. - Correct Answers ✅70 If members get a large refund, they might want to change their _____ if the money is needed in their monthly budget. - Correct Answers ✅filing status Caution members that using refund anticipation loans can be a _____ way to get instant access to their refund. - Correct Answers ✅costly The first choice for using a tax refund is to _____. - Correct Answers ✅pay down debt 2 / 4
FiCEP Study Guide (Final) EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) Other tax authorities that members must pay attention to are state income tax, property tax, and _____. - Correct Answers ✅self-employment quarterly taxes Examples of _____ are wages, salaries and tips, interest income, alimony, business income, capital gains, pensions and annuities, other forms of income, and distributions from a traditional IRA. - Correct Answers ✅taxable income Examples of ____ are child support payments, life insurance benefits paid to a beneficiary, gifts and inheritances from parents, social security benefits, benefits from welfare, and qualified distributions from roth IRAs. - Correct Answers ✅non-taxable income _____ can make a difference in the taxes paid. - Correct Answers ✅filing status Examples of _____ are single, married filing jointly, married filing separately, head of household, and qualified widow or widower with dependent children. - Correct Answers ✅filing status Saving for retirement can also save taxes by making contributions to a _____. - Correct Answers ✅401(k) plan 3 / 4
FiCEP Study Guide (Final) EXAM
QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025) If a person is in a 25% income bracket, they could save 25% of the money they deposit into a _____. - Correct Answers ✅traditional IRA Financial counseling clients can manage some of the risks in life by having the right types and amounts of _____. - Correct Answers ✅insurance An _____ in a car you financed at the credit union could be held by both you and the credit union. - Correct Answers ✅insurable interest You can make a better choice about insurance coverage if you evaluate your _____. - Correct Answers ✅risks An _____ can give you protection if someone sues you for an accident on your property. - Correct Answers ✅umbrella liability policy _____ can help manage the costs of insurance. - Correct Answers ✅deductibles and policy limits _____ provides the right for an employee that is terminated or resigns to keep their medical insurance for 18 months if they
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