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Unit 4 Lesson 3 Review
Test Description: Review for lesson quiz
Instructions: Answer all questions to get your test result.
1) What is an example of a financial institution?
A
Organized group of wealthy people
B
IRS
C
Commercial Bank
2) What does IRS stand for?
A
Internal Rational Society
B
International Revenue Service
C
Internal Revenue Service
3) Compound interest is...
A
Interest paid on interest
B
Interest you never get back
C
Interest charged on your taxes
4) If you donate and wish to claim more than ______ in charitable contributions, you must submit itemized deductions.
A
$100
B
$1,000
C
$300
5) The CARES Act allows each person on a filing to claim how much in charitable donations?
A
None
B
$500
C
$300
6) The CARES Act allows each person on a filing to claim how much in charitable donations?
A
$1,000
B
$300
C
None
7) If you donate and wish to claim more than ______ in charitable contributions, you must submit itemized deductions.
A
$500
B
$300
C
$400
8) Compound interest is...
A
Interest you never get back
B
Interest on credit card purchases only
C
Interest paid on interest
9) What does IRS stand for?
A
International Ratios Society
B
International Reaping Systems
C
Internal Revenue Service
10) What is an example of a financial institution?
A
IRS
B
Organized group of wealthy people
C
Commercial Bank
*select an answer for all questions
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