BUSN380 Tax Planning Process

BUSN380 Tax Planning Process

1. (TCO 1) The stages that an individual goes through based on age, financial needs, and family situation is called the:

financial planning process

budgeting procedure

personal economic cycle

adult life cycle

tax planning process

2. (TCO 1) A lack of willingness to accept a variety of employment positions is a common career planning mistake associated with weak:

common sense.

communication.

training.

flexibility.

perseverance.

3.(TCO 1) The abilities to work well with numbers, possess problem-solving skills, and have physical dexterity are examples of:

interests.

survival skills.

aptitudes.

occupational attitudes.

on-the-job training

4.(TCO 1) Which of the following situations is a person who could be insolvent?

Assets $56,000; annual expenses $60,000

Assets $78,000; net worth $22,000

Liabilities $45,000; net worth $6,000

Assets $40,000; liabilities $45,000

Annual cash inflows $45,000; liabilities $50,000

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