Quiz Understanding the Financial Planning Certification Exam Part 4 Lesson 1
Multiple Choice Quiz Understanding the Financial Planning Certification Exam Part 4 Lesson 1
1. What are the filing statuses for tax returns in the US?
a) Three
b) Four
c) Five
d) Six
2. What is included in gross income?
a) Gifts
b) Inheritances
c) Child support
d) Salary
3. Which of the following is an exclusion to gross income?
a) IRA distributions
b) Social Security benefits
c) Alimony received
d) Capital gains
4. Which form includes ordinary dividends and taxable interest payments?
a) Schedule A
b) Schedule B
c) Schedule C
d) Schedule D
5. What is AGI?
a) Adjusted Gross Income
b) Annual Gross Income
c) Adjusted Growth Income
d) Annual Growth Income
6. Which of the following is an adjustment to income before AGI?
a) Sep retirement plans
b) Health savings accounts
c) Moving expenses for civilians
d) School teacher expenses capped at $300
7. What is the standard deduction for a married filing jointly couple in 2023?
a) $13,850
b) $27,700
c) $20,800
d) $15,000
8. Which deduction is subject to an AGI requirement of 7.5%?
a) Home mortgage interest
b) Charitable gifts
c) Medical expenses
d) State and local taxes
9. What type of deduction is self-employment tax?
a) Adjustment to income
b) Itemized deduction
c) Standard deduction
d) None of the above
10. What is the maximum deduction allowed for student loan interest in 2023?
a) $1,000
b) $2,500
c) $3,000
d) $5,000
11. What form do you use to report business income or losses if you are a sole proprietor?
a) Schedule A
b) Schedule B
c) Schedule C
d) Schedule D
12. What is the maximum deductible percentage for business-related restaurant meals in 2023?
a) 50%
b) 75%
c) 100%
d) 25%
13. What is the penalty for early withdrawals of savings?
a) 5%
b) 10%
c) 15%
d) 20%
14. How much can you deduct for self-employment health insurance?
a) 50%
b) 75%
c) 100%
d) 25%
15. What is the standard deduction for a single individual in 2023?
a) $12,550
b) $13,850
c) $14,500
d) $11,000
16. Which of the following is an itemized deduction for homeowners?
a) Alimony paid
b) Rental real estate income
c) Charitable gifts
d) Gambling income
17. How much is the deductible IRA contribution limit in 2023?
a) $1,000
b) $3,000
c) $5,000
d) $6,000
18. What is the maximum deductible percentage for business-related restaurant meals in 2023?
a) 50%
b) 75%
c) 100%
d) 25%
19. What is the maximum deduction allowed for student loan interest in 2023?
a) $1,000
b) $2,500
c) $3,000
d) $5,000
20. How much is the personal exemption in 2023?
a) $0
b) $500
c) $1,000
d) $2,000
Answer Key:
Answer Key:
1 d) Six
2 d) Salary
3 a) IRA distributions
4 b) Schedule B
5 a) Adjusted Gross Income
6 a) Sep retirement plans
7 b) $27,700
8 c) Medical expenses
9 a) Adjustment to income
10 b) $2,500
11 c) Schedule C
12 a) 50%
13 b) 10%
14 c) 100%
15 b) $13,850
16 b) Rental real estate income
17 d) $6,000
18 a) 50%
19 b) $2,500
20 a) $0
© FPLessons.com all rights reserved do not duplicate or copy
Go back to Quizzes master Page
If you are studying to become a Registered Investment Advisor as well here are a couple good resources
All of the audio lessons for the Financial Planning Certification Exam Part 1 are available below
© FPLessons.com all rights reserved do not duplicate or copy