Ficep Final: CUNA Review Questions And Answers |
Complete Solution Graded A+
,Ficep Final: CUNA Review Questions And Answers | Complete Solution
Graded A+
1. Select the statement that correctly describes a progressive tax.: A progres-
sive tax requires people to pay more as they earn more.
2. Pick the statement that best describes a regressive tax.: A regressive tax
charges the same tax rate regardless of the taxpayer's income.
3. Why are government fees and surcharges sometimes described as a form
of tax?: Because they generate income for the government.
4. Which taxing authorities are worthy of the member's attention?: The mem-
ber must attend to all tax authorities at all levels of government to maintain their
financial well-being.
5. How do taxes impact your personal spending?: Taxes can make personal
spending go up or down.
6. Which is larger: the penalty for failing to pay federal income taxes on time,
or the penalty for failing to file a tax return when taxes are owed?: The penalty
for failing to file a tax return is significantly higher.
7. What is the right attitude to take toward taxes to protect your financial
,Ficep Final: CUNA Review Questions And Answers | Complete Solution
Graded A+
well-being?: Taxes are an essential financial responsibility.
8. When is the IRS most likely to impose the maximum penalty on taxpayers?-
: When they are forced to track down the taxpayer.
9. What is a good rule to follow when dealing with a tax auditor or another
issue involving the IRS?: Never assume the IRS is always correct.
10. What is the financial counselor's role in aiding members with complex
tax issues?: The counselor provides basic information and refers members to tax
programs or tax experts.
11. What happens when taxpayers who file a late return for any or all of the 4
most recent tax years are owed a refund?: No penalty is charged and the taxpayer
gets the full refund amount.
12. What tax services are provided by the Volunteer Income Tax Assistance
(VITA) program?: Free tax return assistance to low- or moderate-income taxpayers.
13. What benefit is offered when VITA services are combined with credit union
programs that encourage taxpayers to open accounts for direct deposit of tax
, Ficep Final: CUNA Review Questions And Answers | Complete Solution
Graded A+
refunds?: Direct deposit reduces the time required to get a refund, which counters
the appeal of refund anticipation loans.
14. What is the name of the organization that offers free tax assistance to
taxpayers age 60 or older, those with disabilities or special needs, or who
qualify for earned income or homestead tax credits?: Tax Counseling for the
Elderly (TCE)
15. What percent of tax payers are eligible to use the "Free File Online" service
offered as a partnership between the IRS and tax software companies?: 70%
are eligible
Complete Solution Graded A+
,Ficep Final: CUNA Review Questions And Answers | Complete Solution
Graded A+
1. Select the statement that correctly describes a progressive tax.: A progres-
sive tax requires people to pay more as they earn more.
2. Pick the statement that best describes a regressive tax.: A regressive tax
charges the same tax rate regardless of the taxpayer's income.
3. Why are government fees and surcharges sometimes described as a form
of tax?: Because they generate income for the government.
4. Which taxing authorities are worthy of the member's attention?: The mem-
ber must attend to all tax authorities at all levels of government to maintain their
financial well-being.
5. How do taxes impact your personal spending?: Taxes can make personal
spending go up or down.
6. Which is larger: the penalty for failing to pay federal income taxes on time,
or the penalty for failing to file a tax return when taxes are owed?: The penalty
for failing to file a tax return is significantly higher.
7. What is the right attitude to take toward taxes to protect your financial
,Ficep Final: CUNA Review Questions And Answers | Complete Solution
Graded A+
well-being?: Taxes are an essential financial responsibility.
8. When is the IRS most likely to impose the maximum penalty on taxpayers?-
: When they are forced to track down the taxpayer.
9. What is a good rule to follow when dealing with a tax auditor or another
issue involving the IRS?: Never assume the IRS is always correct.
10. What is the financial counselor's role in aiding members with complex
tax issues?: The counselor provides basic information and refers members to tax
programs or tax experts.
11. What happens when taxpayers who file a late return for any or all of the 4
most recent tax years are owed a refund?: No penalty is charged and the taxpayer
gets the full refund amount.
12. What tax services are provided by the Volunteer Income Tax Assistance
(VITA) program?: Free tax return assistance to low- or moderate-income taxpayers.
13. What benefit is offered when VITA services are combined with credit union
programs that encourage taxpayers to open accounts for direct deposit of tax
, Ficep Final: CUNA Review Questions And Answers | Complete Solution
Graded A+
refunds?: Direct deposit reduces the time required to get a refund, which counters
the appeal of refund anticipation loans.
14. What is the name of the organization that offers free tax assistance to
taxpayers age 60 or older, those with disabilities or special needs, or who
qualify for earned income or homestead tax credits?: Tax Counseling for the
Elderly (TCE)
15. What percent of tax payers are eligible to use the "Free File Online" service
offered as a partnership between the IRS and tax software companies?: 70%
are eligible
