Question: Please answer these true or false questions: 19. Effective Marginal Tax Rate is a collective rate that includes federal, state, local, and other marginal tax
Please answer these true or false questions:
19. Effective Marginal Tax Rate is a collective rate that includes federal, state, local, and other marginal tax rates.
T F
20. In practice, the stated interest rate quoted by lenders may not be exactly the same as the Annual Percentage Rate (APR).
T F
21. Regressive taxes are those taxes which decrease as the base on which they are imposed decreases.
T F
22. A credit worthiness is determined by both, the lender and borrower.
T F
23. The total amount financed thru a car loan is equal to the value of the top part of the car payment formula.
T F
24. Although our values are moral in nature, they most likely have a significant impact on our financial planning.
T F
25. The essence of using credit is to expand the current consumption.
T F
26. A prepayment penalty is determined by recalculating the remaining interest on the loan.
T F
27. Although the APR is the annual percentage rate of interest, it could be different from the nominal rate of interest in the same loan.
T F
- We usually pay taxes on part, not all of our income.
T F
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