To find the level of weal or net worth you have accumulated you should kook at y
ID: 2751762 • Letter: T
Question
To find the level of weal or net worth you have accumulated you should kook at your Bo Budget D) All of the above. Balance sheet much will he have 9h Michael just put s500 in a bank account that earns 6% APR. How $652.48 on deposit after 6 years? D) S78766 E) A) $709.26 B) $801.68 o$758.66 9) 10 of the following who will end up the largest amount of money invested at an annual 10) with rate of retum 9% over the next 42 years? for the remaining A John saves nothing for the first 10 years and saves $1,500 per year B) saves SI 200 per year for the first 14 years and then stops putting any new money into the account for the remaining 28 years. per year for the Jerry saves nothing for the first then saves SI.200 c) D) remaining 28 years. and then saves SI,500 per year for 14 years Joey saves nothing for the first 14 years account for the remaining 14 years. then stops putting any new money into the Jeremy saves nothing for the first 14 years and saves $1.200 per year for the next 14 E) years and then puts no more money into the account during the last 14 years. A series of equal dollar payments at the end of each period for x" number of time periods is D) a mortgage an annuity B) dividend A) interest 12) Which ofthe following would offset your tax liability in a direct dollar for dollar manner and 12) may actually increase your tax refund beyond the amount you paid during the tax cred B) standard deduction C) tax exemption D) tax deduction tax write off 13) e deadline to file your income tax return is although an automatic extension 13 may be filed. A) April 15 B) December 31 D) April 30 14) then you will save about how much in taxes? D S200 $2,500 A) S250Explanation / Answer
8)
Balance sheet is the statement that states the assets and liabilities as on a particular date. Hence, It will provides the accumulated wealth figure.
Answer is C) Balance sheet
9)
Amount after 6 years = $500 * 1.066 = $500 * 1.4185 = $709.25
Answer is A) $709.26
11)
Answer is C) An annuity.
12)
Answer is A) Tax credit
Tax credit in the amount that is deducted from the tax payable, unlike deductions and exemptions, which are deducted from the income.
13)
Answer is A) April 15
14)
Answer is A) $250
Tax saving = $2500 * 10% = $250
However this saving is available only if the payment is in the nature of donation and not as membership fees.