FiCEP Final : CUNA Review | Questions with 100%
Correct Answers | Verified | Latest Update 2026
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Terms in this set (219)
Select the statement that correctly A progressive tax requires people to pay more as
describes a progressive tax. they earn more.
Pick the statement that best A regressive tax charges the same tax rate
describes a regressive tax. regardless of the taxpayer's income.
Why are government fees and Because they generate income for the government.
surcharges sometimes described as
a form of tax?
Which taxing authorities are worthy The member must attend to all tax authorities at all
of the member's attention? levels of government to maintain their financial
well-being.
How do taxes impact your personal Taxes can make personal spending go up or down.
spending?
Which is larger: the penalty for failing The penalty for failing to file a tax return is
to pay federal income taxes on time, significantly higher.
or the penalty for failing to file a tax
return when taxes are owed?
, What is the right attitude to take Taxes are an essential financial responsibility.
toward taxes to protect your
financial well-being?
When is the IRS most likely to When they are forced to track down the taxpayer.
impose the maximum penalty on
taxpayers?
What is a good rule to follow when Never assume the IRS is always correct.
dealing with a tax auditor or another
issue involving the IRS?
What is the financial counselor's role The counselor provides basic information and
in aiding members with complex tax refers members to tax programs or tax experts.
issues?
What happens when taxpayers who No penalty is charged and the taxpayer gets the
file a late return for any or all of the 4 full refund amount.
most recent tax years are owed a
refund?
What tax services are provided by Free tax return assistance to low- or moderate-
the Volunteer Income Tax Assistance income taxpayers.
(VITA) program?
What benefit is offered when VITA Direct deposit reduces the time required to get a
services are combined with credit refund, which counters the appeal of refund
union programs that encourage anticipation loans.
taxpayers to open accounts for
direct deposit of tax refunds?
Correct Answers | Verified | Latest Update 2026
Save
Terms in this set (219)
Select the statement that correctly A progressive tax requires people to pay more as
describes a progressive tax. they earn more.
Pick the statement that best A regressive tax charges the same tax rate
describes a regressive tax. regardless of the taxpayer's income.
Why are government fees and Because they generate income for the government.
surcharges sometimes described as
a form of tax?
Which taxing authorities are worthy The member must attend to all tax authorities at all
of the member's attention? levels of government to maintain their financial
well-being.
How do taxes impact your personal Taxes can make personal spending go up or down.
spending?
Which is larger: the penalty for failing The penalty for failing to file a tax return is
to pay federal income taxes on time, significantly higher.
or the penalty for failing to file a tax
return when taxes are owed?
, What is the right attitude to take Taxes are an essential financial responsibility.
toward taxes to protect your
financial well-being?
When is the IRS most likely to When they are forced to track down the taxpayer.
impose the maximum penalty on
taxpayers?
What is a good rule to follow when Never assume the IRS is always correct.
dealing with a tax auditor or another
issue involving the IRS?
What is the financial counselor's role The counselor provides basic information and
in aiding members with complex tax refers members to tax programs or tax experts.
issues?
What happens when taxpayers who No penalty is charged and the taxpayer gets the
file a late return for any or all of the 4 full refund amount.
most recent tax years are owed a
refund?
What tax services are provided by Free tax return assistance to low- or moderate-
the Volunteer Income Tax Assistance income taxpayers.
(VITA) program?
What benefit is offered when VITA Direct deposit reduces the time required to get a
services are combined with credit refund, which counters the appeal of refund
union programs that encourage anticipation loans.
taxpayers to open accounts for
direct deposit of tax refunds?
