Question $17(2$ points$)$ According to the credit utilization ratio, using less than $\_\_\_\_$ of one's available credit limit will $\_\_\_\_\_$ one's credit score over time, even when the credit card balance is paid in full each month. Question $17$ options: $10\%$; lower $30\%$; raise $50\%$; raise $75\%$; have no impact Question $18(2$ points$)$ The following steps should be followed in order to raise one's credit score over time: Question $18$ options: Pay bills on time Use less than $30\%$ of available credit limit on each credit card Correct mistakes on one's credit report All of the above Question $19(2$ points$)$ Credit card companies can charge both a late fee and raise the interest on your card balance if you are late paying your bill. Question $19$ options: True False Question $20(2$ points$)$ How does applying for new credit $(10\%$ of credit score$)$ impact the length of credit history $(15\%$ of credit score$)?$ Question $20$ options: These things are not related to credit scores Since the length of history is the average age of one's credit accounts, new credit cards or loans will lower this age, resulting in a temporary dip in one's credit score Applying for new credit will have zero impact on length of credit history Applying for new credit will immediately improve one's credit score Question $21(2$ points$)$ Gross income refers to: Question $21$ options: The net amount of your biweekly paycheck after taxes and other deductions What the IRS expects you to pay income tax on Income that is paid in cash Income from all sources before taxes are withheld Question $22(2$ points$)$ What tax preparers refer to as "above the line" adjustments to income to derive "Adjusted Gross Income" $($AGI$)$ can include: Question $22$ options: Very complicated calculations that may require a tax filing extension Quarterly estimated tax payments for certain tax filers Adding additional income like gambling winnings or unemployment income and deducting certain items, like pretax traditional IRA contributions or Health Saving Account contributions on Schedule $1$ of IRA Form $1040$ All deductions from gross income to derive net income in an individual's paycheck Question $23(2$ points$)$ Which of the following use Adjusted Gross Income $($AGI$)$ in determining eligibility for income$-$related benefits? Question $23$ options: Eligibility for the Earned Income Tax Credit Eligibility for Medicaid coverage Eligibility to deduct student loan interest on Schedule $1$ of the IRS $1040$ form All of the above Question $24(2$ points$)$ Which of the following are examples of pre$-$tax contributions that can lower your taxable income? Question $24$ options: Student loan interest payments Contributions to a Traditional IRA and$/$or Health Savings Account Online gambling losses Schedule C business income Question $25(2$ points$)$ Which offers the biggest deduction to get to your "taxable income", the Standard Deduction or Itemized Deductions? Question $25$ options: Most people would benefit from itemizing their deductions The Standard Deduction is always higher There is no difference between itemizing your deductions and taking the standard deduction It depends on whether your itemized deductions add up to more than the Standard Deduction Question $26(2$ points$)$ Under the current tax code, tax payers can deduct contributions to charities if: Question $26$ options: They itemize their deductions rather than take the standard deduction They are rich and can afford to give away money They keep detailed receipts They contribute cash or donated items Question $27(2$ points$)$ Under the current tax law, known as the Tax Cuts and Jobs Act $(2018),$ tax payers can deduct how much state and local income tax, sales tax and$/$or property tax? Question $27$ options: There is a $$10,000$ cap on such deductions, known as the SALT cap, which stand for State And Local Taxes No such cap or limit currently exists The amount depends on your adjusted gross income This is a benefit for taxpayers who are over age $65$ Question $28(2$ points$)$ Which of the following correctly identifies the Adjusted Gross Income $($AGI$)$ formula? Question $28$ options: Gross Income plus or minus Adjustments to Income $=$ Adjusted Gross Income $7\mathrm{.}5\%$ of Adjusted Gross Income minus total medical expenses $=$ deductible medical expenses Gross Income plus Traditional IRA contribution amount $=$ Adjusted Gross Income Adjusted Gross Income minus Standard or Itemized Deductions $=$ Taxable Income Question $29$ A tax bracket refers to: Your standard deduction amount as a single or married filing jointly tax payer A range of taxable income subject to a specific tax rate $($e$.$g$.10\%,12\%,22\%,$ etc.$)$ The space on IRS Form $1040$ where you sign your name and enter the date The total amount earn