Personal Finance! 10 Questions!!PLEASE Help!!! 10 points and best answer!!!!?

[Amanda]

1. Which of the following is not true concerning Income Tax Refunds? (1 point)
It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt.
You are essentially giving the government an interest–free loan.
It means that you are having too much deducted from your paycheck.
You haven't properly evaluated your personal tax circumstances.
2. When claiming dependents, they must meet the following criteria EXCEPT: (1 point)
the dependent must be a relative.
the dependent must reside with you.
the dependent must be under nineteen years of age unless he or she is a full–time student.
the dependent was unable to provide over half of his or her support for the year.
3. If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of _____. (1 point)
a credit
withholding
a deduction
an exclusion
4. A form of taxation in which everyone pays an equal rate of taxes is called a _____. (1 point)
progressive tax
regressive tax
flat tax
net tax
5. A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _____. (1 point)
progressive tax
regressive tax
flat tax
net tax
6. A form of taxation in which the lowest income earners pay the largest percentage of taxes is called a _____. (1 point)
progressive tax
regressive tax
flat tax
net tax
7. Which of the following is not considered part of your gross income? (1 point)
Everything of value you received during the year
Everything of value you received from April 15th to December 31st
Bartered goods and services
Money you win on a game show
8. Which of the following is not true about your adjusted gross income? (1 point)
It is your income minus deductions
It is your income plus your deductions
It determines whether you are eligible for additional tax breaks
It is your gross income minus deductions
9. Which of the following is true about "above–the–line" deductions? (1 point)
They are tax breaks that you can claim without having to itemize
They are listed just above the total taxable income on the 1040 tax form
They reduce your tax bill rather than your taxable income
You must itemize in order to take advantage of this deduction
10. A dollar–for–dollar reduction in your tax payment is called a _____. (1 point)
deduction
flat tax
credit
debit

[Susan Storm]

1. False - You haven't properly evaluated your own tax situation

2. False - The dependent was unable to provide half of their own support for the year

3. Withholding

4. Flat rate

5. Progressive tax

6. Regressive tax

7. Bartered goods and services

8. False - It is your income minus deductions

9. Tax breaks you can claim without having to itemize

10. Credit

[brandy's mom]

I take it that this is homework and you want someone else to do it for you. Study. You won't learn anything if you don't. Too many don't take the time to learn and then wish they had done so when they need the answers.

[v b]

You are going to have problems with some of this test due to poorly worded questions.

Just a heads up that #2 has 3 falses on it (use IRS pub 501).
#7 is poorly worded as everything listed *is* income.