An obligation, something that you owe to somebody, and have to pay.
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lifesaver
Give 20 points!
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star
Double points!
Okay!
fairy
Take points!
5
10
15
20
25
baam
Lose 25 points!
Oops!
trap
No points!
Oops!
rocket
Go to first place!
Okay!
shark
Other team loses 15 points!
Okay!
lifesaver
Give 20 points!
Oops!
15
What is the difference between a secured and non-secured loan?
A secured loan requires collateral, non-secured doesn't.
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lifesaver
Give 20 points!
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seesaw
Swap points!
Okay!
shark
Other team loses 25 points!
Okay!
banana
Go to last place!
Oops!
15
What is an equity?
Something that you own, that belongs to you.
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15
What is the difference between child tax credit, and an additional child tax credit?
Child tax credit: is non-refundable, reduces your liability, but not below 0. Additional: is refundable, and can result in a refund check.
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15
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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15
Give an example of assets.
cash, equipment, furniture, tools, buildings
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15
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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monster
Reset all scores!
Oops!
star
Double points!
Okay!
fairy
Take points!
5
10
15
20
25
baam
Lose 15 points!
Oops!
15
What is revenue?
Similar to income, money earned on regular basis.
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15
What is income?
Money, received on a regular basis.
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15
What is a tax liability?
Amount of tax, an American tax payer pays to the American government.
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15
At 2020, Mary worked at a bank. Her tax liability is $1500. Her employer withheld from her paycheck $1000 of Federal tax liability. What her final tax bill?
