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Wise Test Questions and Answers Already Passed How does an exemption (or allowance) function in reducing taxable income? A. It increases the taxable income amount B. It directly reduces the total income tax owed C. It subtracts a portion of the income to lower the taxable amount D. It pos...

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  • August 1, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wise test questions and answers already passed

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1 Wise Test Questions and Answers Already Passed How does an exemption (or allowance) function in reducing taxable income? A. It increases the taxable income amount B. It directly reduces the total income tax owed C. It subtracts a portion of the income to lower the taxable amount D. It postp ones the tax payments to a later date ✔✔C. It subtracts a portion of the income to lower the taxable amount What does liquidity refer to, and which financial products are considered liquid? A. The ease of converting assets into cash without signi ficant loss B. The stability of financial products over time C. The amount of cash flow available in investments D. The variety of assets held in a portfolio ✔✔A. The ease of converting assets into cash without significant loss 2 How do gift card s function, and what are their possible fees? A. They operate within a closed loop or an open loop system; a monthly inactivity fee might apply after a year of non -use B. They are only usable for specific merchants and carry no fees C. They are pre paid credit cards with automatic expiration after a year D. They operate like debit cards with a fixed usage period ✔✔A. They operate within a closed loop or an open loop system; a monthly inactivity fee might apply after a year of non -use What is discretionary income, and how does it relate to budget surplus? A. Income left after all essential expenses are covered, such as food and housing B. Funds reserved for emergencies and future savings C. Excess money available after all mandatory expenses are met D. Money allocated for discretionary spending such as luxuries and entertainment ✔✔C. Excess money available after all mandatory expenses are met What are money orders, and why might th ey be counterfeited? 3 A. A type of payment order bought at various locations; they are commonly limited in value and are generally secure against counterfeiting B. A form of electronic transfer with no physical counterpart C. A prepaid check issued by a bank with high value limits D. A type of personal check with additional security features ✔✔A. A type of payment order bought at various locations; they are commonly limited in value and are generally secure against counterfeiting Why does U.S . currency maintain its value despite not being backed by a physical commodity? A. Due to public trust and belief in its value, leading to its acceptance B. Because it is directly tied to gold reserves C. Due to government guarantees and internatio nal trade agreements D. Because it is backed by valuable national assets ✔✔A. Due to public trust and belief in its value, leading to its acceptance What does opportunity cost mean? A. The value of the next best option that is given up when a d ecision is made

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