Practice Quiz

MTEL Business Practice Exam - Question List

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91.
Variation in the cost of living among geographic areas is influenced primarily by differences in the cost of:
  1. Transportation.
  2. Food.
  3. Health care.
  4. Housing.
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92.
A couple is developing a household budget with the goal of increasing their discretionary income. After recording all of their sources of monthly income, they should next determine:
  1. Which optional expenditures should be given the highest priority.
  2. The amount of money they would like to save each month.
  3. Which of their monthly expenses are relatively fixed.
  4. The value of their assets other than monthly income.
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93.
Which of the following is the primary advantage of using a home equity line of credit to consolidate and pay off a large credit card debt?
  1. Home equity loans generally do not have fees for late payments.
  2. The monthly payment on a home equity loan does not vary from month to month.
  3. The cost of interest will generally be lower for a home equity loan.
  4. Additional payments can be made on a home equity loan to reduce the life of the loan.
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94.
Payroll taxes, such as the Social Security tax, differ from federal and state income taxes in which of the following ways?
  1. Payroll taxes are paid by both the employer and by the employee.
  2. Federal and state income taxes are withheld by the employer from each employee's paycheck.
  3. Payroll taxes are not collected on the first $50,000 of income.
  4. Federal and state income taxes are paid by both employees and self-employed individuals.
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95.
Which of the following is an example of an expense that can be itemized as a deduction on an individual's federal personal income tax return?
  1. State income tax payments.
  2. Interest paid on a car loan.
  3. Social Security tax payments.
  4. Interest paid on a credit card.
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