#1
Which of the following is considered a form of passive income?
Salary from a full-time job
Interest earned on savings account
Wages from part-time work
Payment for freelance services
#2
Which of the following is an example of a regressive tax?
Sales tax
Income tax
Property tax
Corporate tax
#3
Which of the following is an example of a tax-deductible expense?
Grocery bills
Entertainment expenses
Medical expenses
Clothing purchases
#4
What is the purpose of a 'FICO score' in the context of creditworthiness?
Measuring income level
Assessing job performance
Evaluating credit risk based on credit history
Calculating tax liability
#5
In personal finance, what does the term 'liquidity' refer to?
Ability to access cash quickly without significant loss
Investments in stocks and bonds
Total income before deductions
Long-term financial goals
#6
What does the term '401(k)' refer to in the context of personal finance?
Income tax form
Retirement savings plan
Student loan program
Health insurance coverage
#7
In the context of income tax, what does 'AGI' stand for?
Adjusted Gross Income
Annual Gross Investment
Accumulated Gross Inflation
Average Gross Interest
#8
What is the purpose of a 'credit score' in personal finance?
Determining eligibility for loans and credit cards
Calculating income tax
Tracking daily expenses
Managing retirement accounts
#9
Which type of investment typically involves a fixed interest rate and a set maturity date?
Stocks
Bonds
Real estate
Mutual funds
#10
What is the purpose of the 'IRA' (Individual Retirement Account) in personal finance?
Saving for short-term goals
Providing health insurance coverage
Saving for retirement with tax advantages
Investing in real estate
#11
What is the primary purpose of a 'W-4' form in the United States?
Reporting investment income
Claiming tax credits
Withholding federal income tax
Filing for bankruptcy
#12
What is the concept of 'tax deduction' in income tax?
Reducing taxable income by certain expenses
Adding extra tax to income
Exempting all income from taxation
Paying taxes in installments
#13
In the context of budgeting, what does the term 'discretionary spending' refer to?
Essential expenses like rent and utilities
Variable expenses that can be adjusted
Emergency savings
Investments in the stock market
#14
What is the purpose of an emergency fund in personal finance?
Long-term retirement savings
Covering unexpected expenses
Paying off credit card debt
Investing in the stock market
#15
In the United States, what is the deadline for filing individual income tax returns?
March 31
April 15
May 1
June 30