Exam 1: Tools for Financial Planning - Using Tax Concepts for Planning

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Samantha filed her tax return on August 1st and paid her $4000 balance owing.If the prescribed interest rate is 5%,how much did she owe in total?

(Multiple Choice)

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Question 81

For qualified individuals,a contribution to a registered retirement savings plan (RRSP)will be

(Multiple Choice)

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Question 82

All interest and dividends received by an individual taxpayer (outside of an RRSP or TFSA)are taxable.

(True/False)

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Question 83

Jake invested $800 in an RRSP.If he is in the 30 percent marginal tax bracket,he will

(Multiple Choice)

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Question 84

Comment on receiving a large tax refund.Is it a good use of your funds considering present value concepts? Does the government pay you interest? What can you do to change your withholding or recalculate it? If you received a large refund,what would you use it for?

(Essay)

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Question 85

Income earned from the sale of an asset for more than you paid for it is classified as

(Multiple Choice)

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Question 86

Which of the following income is taxable income?

(Multiple Choice)

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Question 87

There is a required repayment of certain social benefit payments if your net income is above a certain level.

(True/False)

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Question 88

Self-employed taxpayers must have paid all taxes owing by April 30th of the following year.

(True/False)

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Question 89

Showing 81 - 89 of 89

Samantha filed her tax return on August 1st and paid her $4000 balance owing.If the prescribed interest rate is 5%,how much did she owe in total?

For qualified individuals,a contribution to a registered retirement savings plan (RRSP)will be

All interest and dividends received by an individual taxpayer (outside of an RRSP or TFSA)are taxable.

Jake invested $800 in an RRSP.If he is in the 30 percent marginal tax bracket,he will

Comment on receiving a large tax refund.Is it a good use of your funds considering present value concepts? Does the government pay you interest? What can you do to change your withholding or recalculate it? If you received a large refund,what would you use it for?

Income earned from the sale of an asset for more than you paid for it is classified as

Which of the following income is taxable income?

There is a required repayment of certain social benefit payments if your net income is above a certain level.

Self-employed taxpayers must have paid all taxes owing by April 30th of the following year.

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Managing Your Financial Resources - Banking Services and Managing Your Money

Managing Your Financial Resources - Assessing,Managing and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Auto and Homeowner's Insurance

Protecting Your Wealth - Health and Life Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Retirement and Estate Planning - Estate Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

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