Unit Test — Unit test Answers

Bianca and Dave are a married couple filing a joint tax return. They have a combined gross income of $81,031 and claim four exemptions. They can make an adjustment of $2,914 for business expenses, an adjustment of $1,939 for business losses, a deduction of $4,140 for medical expenses, an adjustment of $4,825 for contributions to their retirement fund, and a deduction of $2,420 for charitable donations. If exemptions are worth $3,650 apiece and the standard deduction for a joint return is $8,350, what is their total taxable income?a.$50,193b.$41,843c.$48,403d.$52,793

It is important to re-evaluate financial goals periodically. In which of the following situations would it be necessary to change an existing financial goal?a.You fell sharply behind your expected schedule with regard to saving.b.You recovered from an unexpected expense and are rattled that you did not see it coming.c.You married, and your spouse has a similar financial goal.d.You came across unexpected income.

Caitlin has finished her schooling and training to be a dental hygienist. She has two job offers that she is considering. Caitlin’s Job Offer Comparison Job 1: Albuquerque, NMJob 2: Ann-Arbor, MISalary$54,000$61,000Benefits$2,500 bonuses,health insurance,401KHealth insurance,401KAverage Monthly Rent & Utilities$925$1,300Which job would offer the best annual income considering the cost of living in each locale?

Amy is analyzing a job offer. Amy’s Salary AnalysisAnnual SalaryBenefitsAverage Monthly RentAverage Monthly Utility Costs$48,500401K matched up to $2,500/year,$5,000 in bonuses$1,100$200How much income with benefits can she expect?

What is true about the way you should approach financial goals across different stages of your life?a.Failure to meet a financial goal is a sign of personal weakness, so you should never alter a goal until you have completed it exactly as you imagined it.b.You need to be consistent and determined when it comes to financial goals. The financial goals you make as a young adult should stay in place for the rest of your life.c.Most people tend to make more money as they grow older and more experienced. After a certain point in your life you should have enough money to meet all of your financial goals, at which point you will no longer need to concern yourself with long-term goals.d.As you progress through life, your values and financial possibilities will gradually change, which leads to an evolution of your financial goals over time.