Mos 2277-Latest Exam Questions With
100% Correct Answers 2025-2026
Updated.
What is the primary focus of personal financial planning according to Dave Ramsay? - Answer
Money is 80% behavior and 20% knowledge; it's about what you do, not what you know.
What are the five benefits of money mentioned in the notes? - Answer Freedom/Choice,
Security, Opportunity, Leisure, Helping others, A better world.
What percentage of the course evaluation is based on the textbook? - Answer 35% from the
textbook, the rest from lectures.
What does SMART stand for in goal setting? - Answer Specific, Measurable, Attainable,
Relevant, Time-Bound.
What is the recommended minimum percentage of income to invest from every paycheck? -
Answer At least 10% into RRSP/TFSA.
What is the purpose of a fully funded emergency fund? - Answer To cover 3 to 24 months of
spending and act as insurance against job loss or unexpected expenses.
What are the three key questions to consider for emergency funds? - Answer How risky is
your job? How quickly can you get a new job? How volatile is your income?
What should you prioritize in your budget? - Answer Basic House/Car,
Food/Utilities/Clothing, Debt/Emergency Fund/Investing, then Nice House/Nice Car/Life.
What is a sinking fund? - Answer Money set aside monthly for large upcoming expenditures
like a new car or house repairs.
What is the rule of thumb for budgeting? - Answer Create personal rules to prioritize smart
decisions before discretionary spending.
What should you do if your budget doesn't add up? - Answer Cut non-retirement expenses
or find ways to increase income.
, What are the three key tips for wealth mentioned in the notes? - Answer Same car, same
house, same spouse.
Who is required to file a tax return? - Answer Anyone who has to pay tax, received a request
from CRA, disposed of capital property, or realized a taxable capital gain.
What are some benefits of filing a tax return as a student? - Answer Eligibility for refundable
GST/HST credit, Carbon Rebate, potential refund, and RRSP room creation.
What is the deadline for filing tax returns for self-employed individuals? - Answer June 15th,
but taxes owing must be paid by April 30th.
What is the penalty for filing taxes late? - Answer 5% of the amount owing plus 1% for each
additional month, up to a maximum of 12 months.
What constitutes total income for tax purposes? - Answer Salary, wages, commissions,
government benefits, pension income, interest income, and taxable benefits.
What is the capital gains tax rule? - Answer Only 50% of the capital gain needs to be
reported on the tax return.
What is the formula for calculating taxable capital gain? - Answer Taxable Capital Gain =
Capital Gain/Loss X 50%.
What deductions can reduce total income for tax purposes? - Answer RRSP/RPP
contributions, union dues, child care expenses, and employment expenses.
What is the difference between marginal tax rate and average tax rate? - Answer Marginal
tax rate is the percentage paid on the next dollar of taxable income, while average tax rate is the
total tax paid as a percentage of total income.
What is the net tax liability formula? - Answer Net Tax Liability = Gross Taxes - Tax Credits.
What is a non-refundable tax credit? - Answer A credit that cannot reduce your tax liability
below zero.
What is the formula for calculating Net Tax Liability? - Answer Net Tax Liability = Gross Taxes -
Tax Credits
100% Correct Answers 2025-2026
Updated.
What is the primary focus of personal financial planning according to Dave Ramsay? - Answer
Money is 80% behavior and 20% knowledge; it's about what you do, not what you know.
What are the five benefits of money mentioned in the notes? - Answer Freedom/Choice,
Security, Opportunity, Leisure, Helping others, A better world.
What percentage of the course evaluation is based on the textbook? - Answer 35% from the
textbook, the rest from lectures.
What does SMART stand for in goal setting? - Answer Specific, Measurable, Attainable,
Relevant, Time-Bound.
What is the recommended minimum percentage of income to invest from every paycheck? -
Answer At least 10% into RRSP/TFSA.
What is the purpose of a fully funded emergency fund? - Answer To cover 3 to 24 months of
spending and act as insurance against job loss or unexpected expenses.
What are the three key questions to consider for emergency funds? - Answer How risky is
your job? How quickly can you get a new job? How volatile is your income?
What should you prioritize in your budget? - Answer Basic House/Car,
Food/Utilities/Clothing, Debt/Emergency Fund/Investing, then Nice House/Nice Car/Life.
What is a sinking fund? - Answer Money set aside monthly for large upcoming expenditures
like a new car or house repairs.
What is the rule of thumb for budgeting? - Answer Create personal rules to prioritize smart
decisions before discretionary spending.
What should you do if your budget doesn't add up? - Answer Cut non-retirement expenses
or find ways to increase income.
, What are the three key tips for wealth mentioned in the notes? - Answer Same car, same
house, same spouse.
Who is required to file a tax return? - Answer Anyone who has to pay tax, received a request
from CRA, disposed of capital property, or realized a taxable capital gain.
What are some benefits of filing a tax return as a student? - Answer Eligibility for refundable
GST/HST credit, Carbon Rebate, potential refund, and RRSP room creation.
What is the deadline for filing tax returns for self-employed individuals? - Answer June 15th,
but taxes owing must be paid by April 30th.
What is the penalty for filing taxes late? - Answer 5% of the amount owing plus 1% for each
additional month, up to a maximum of 12 months.
What constitutes total income for tax purposes? - Answer Salary, wages, commissions,
government benefits, pension income, interest income, and taxable benefits.
What is the capital gains tax rule? - Answer Only 50% of the capital gain needs to be
reported on the tax return.
What is the formula for calculating taxable capital gain? - Answer Taxable Capital Gain =
Capital Gain/Loss X 50%.
What deductions can reduce total income for tax purposes? - Answer RRSP/RPP
contributions, union dues, child care expenses, and employment expenses.
What is the difference between marginal tax rate and average tax rate? - Answer Marginal
tax rate is the percentage paid on the next dollar of taxable income, while average tax rate is the
total tax paid as a percentage of total income.
What is the net tax liability formula? - Answer Net Tax Liability = Gross Taxes - Tax Credits.
What is a non-refundable tax credit? - Answer A credit that cannot reduce your tax liability
below zero.
What is the formula for calculating Net Tax Liability? - Answer Net Tax Liability = Gross Taxes -
Tax Credits
