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15
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What is collateral?
Something you offer to secure a loan.
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15
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What is an asset?
Something that can produce economic value or benefit.
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What is a tax liability?
Amount of tax, an American tax payer pays to the American government.
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What is revenue?
Similar to income, money earned on regular basis.
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What is a liability?
An obligation, something that you owe to somebody, and have to pay.
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15
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Mary has no tax liability for 2020. But she earned EIC of $500. What will happen with that credit?
Full amount of $500 EIC will be refunded to her by the IRS.
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15
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What is the difference between a secured and non-secured loan?
A secured loan requires collateral, non-secured doesn't.
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15
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Give an example of assets.
cash, equipment, furniture, tools, buildings
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lifesaver
Give 10 points!
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star
Double points!
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rocket
Go to first place!
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banana
Go to last place!
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15
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What is the difference between adjustments and credits?
Adjustments to income influence final tax bill indirectly, credits reduce tax bill directly, dollar for dollar.
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lifesaver
Give 10 points!
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rocket
Go to first place!
Okay!
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gift
Win 20 points!
Okay!
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banana
Go to last place!
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seesaw
Swap points!
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fairy
Take points!
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25
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gift
Win 25 points!
Okay!
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thief
Give points!
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25
15
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What is an equity?
Something that you own, that belongs to you.
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15
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What is the difference between earned income and investment income?
Earned income is something you work for. Investment income comes from sales of securities (stocks, bonds).
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15
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Give example of liability.
mortgage, loan, account payable
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15
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Scot is self-employed. In 2020, he made 4 estimated payments, $250 each. His tax liability came out to be $1500. What is his final tax bill?
He owes Federal government $500.
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