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FHCE 3200 EXAM #2 STUDY GUIDE 2024 QUESTIONS AND ANSWERS
FHCE 3200 EXAM #2 STUDY GUIDE 2024 
QUESTIONS AND ANSWERS 
Flat tax - Answer- everyone pays the same rate 
regressive tax - Answer- low income earners pay a larger proportion of their incomes in 
taxes relative to high-income households 
Progressive tax - Answer- those with more income pay increasingly higher taxes, high- 
income earners pay a disproportionately larger amount of taxes 
different types of taxes - Answer- •Federal income taxes 
•State income taxes (where applicable) 
•Payrol...
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- Exam (elaborations)
- • 7 pages •
FHCE 3200 EXAM #2 STUDY GUIDE 2024 
QUESTIONS AND ANSWERS 
Flat tax - Answer- everyone pays the same rate 
regressive tax - Answer- low income earners pay a larger proportion of their incomes in 
taxes relative to high-income households 
Progressive tax - Answer- those with more income pay increasingly higher taxes, high- 
income earners pay a disproportionately larger amount of taxes 
different types of taxes - Answer- •Federal income taxes 
•State income taxes (where applicable) 
•Payrol...
FHCE 3200 Exam 3 Questions and Answers 100% Pass
FHCE 3200 Exam 3 Questions and 
Answers 100% Pass 
risk - Answer- the possibility of losing money if 
--prices increase over time 
--a company in which your invest closes 
--general interest rates increase 
--you cannot sell something you own due to a weak market 
inflation risk - Answer- prices increase over time 
business risk - Answer- a company in which you invest closes 
interest rate risk - Answer- general interest rates increase (reduces the values of 
investments) 
liquidity risk - Answe...
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- Exam (elaborations)
- • 35 pages •
FHCE 3200 Exam 3 Questions and 
Answers 100% Pass 
risk - Answer- the possibility of losing money if 
--prices increase over time 
--a company in which your invest closes 
--general interest rates increase 
--you cannot sell something you own due to a weak market 
inflation risk - Answer- prices increase over time 
business risk - Answer- a company in which you invest closes 
interest rate risk - Answer- general interest rates increase (reduces the values of 
investments) 
liquidity risk - Answe...
FHCE Exam 3 Questions and Answers 100% Pass
FHCE Exam 3 Questions and Answers 100% Pass 
More than ______________ teens are unable to make simple, everyday choices about 
spending - Answer- 1 in 6 
Only ____________ teens can solve complex financial tasks. - Answer- 1 in 10 
______________ percent of US students do not even reach the baseline level of 
financial proficiency - Answer- 17.8 
Financial Literacy and Education Commission - Answer- established under the Fair and 
Accurate Credit Transactions Act of 2003 
What was the Financial ...
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- Exam (elaborations)
- • 26 pages •
FHCE Exam 3 Questions and Answers 100% Pass 
More than ______________ teens are unable to make simple, everyday choices about 
spending - Answer- 1 in 6 
Only ____________ teens can solve complex financial tasks. - Answer- 1 in 10 
______________ percent of US students do not even reach the baseline level of 
financial proficiency - Answer- 17.8 
Financial Literacy and Education Commission - Answer- established under the Fair and 
Accurate Credit Transactions Act of 2003 
What was the Financial ...
FHCE 3200 Exam 2 Questions and Answers 100% Pass
FHCE 3200 Exam 2 Questions and 
Answers 100% Pass 
capital asset - Answer- -almost everything you own or use for personal or investment 
purposes 
--your home 
--your car 
--investment like stocks, bonds, and mutual funds 
--ownership interest in small business you started 
--rental or other real estate you own 
basis - Answer- the price you pay, when you buy a capital asset 
capital gain - Answer- if you sell the asset for more than you paid for it 
capital loss - Answer- if you sell the asset ...
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- Exam (elaborations)
- • 30 pages •
FHCE 3200 Exam 2 Questions and 
Answers 100% Pass 
capital asset - Answer- -almost everything you own or use for personal or investment 
purposes 
--your home 
--your car 
--investment like stocks, bonds, and mutual funds 
--ownership interest in small business you started 
--rental or other real estate you own 
basis - Answer- the price you pay, when you buy a capital asset 
capital gain - Answer- if you sell the asset for more than you paid for it 
capital loss - Answer- if you sell the asset ...
FHCE 3200 Exam 3 Quiz Questions with 100% Correct Answers
FHCE 3200 Exam 3 Quiz Questions 
with 100% Correct Answers 
TRUE or FALSE: A Roth IRA qualifies for the IRA tax deduction found on the 1040 tax 
form. 
a. TRUE 
b. FALSE - Answer- b. FALSE 
Erin, a good friend of yours, would like to transfer a boat she inherited to her nephew 
who is 9 years of age. She heard that there is a way to go about doing this but is 
unsure. What type of custodial account will she need? 
a. Universal Transfer to Minors Act 
b. Universal Bequest to Minors Act 
c. Univer...
- Package deal
- Exam (elaborations)
- • 20 pages •
FHCE 3200 Exam 3 Quiz Questions 
with 100% Correct Answers 
TRUE or FALSE: A Roth IRA qualifies for the IRA tax deduction found on the 1040 tax 
form. 
a. TRUE 
b. FALSE - Answer- b. FALSE 
Erin, a good friend of yours, would like to transfer a boat she inherited to her nephew 
who is 9 years of age. She heard that there is a way to go about doing this but is 
unsure. What type of custodial account will she need? 
a. Universal Transfer to Minors Act 
b. Universal Bequest to Minors Act 
c. Univer...
INSY-3303 FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS
the answers are incorrect
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