Question

1. What did Senator Burr, the Chairman of the Senate Intelligence Committee, do after hearing about the possible effects that COVID could have on the economy? His actions are currently being investigated for insider trading.

	a.	Senator Burr sold $1.6 million in hotel stocks in anticipation of the quarantine.
	b.	Senator Burr shared publicly the information learned about COVID's potential effects on the economy.
	c.	Senator Burr's actions did not include any of the choices presented.
	d.	Senator Burr purchased $1.6 million of Zoom stock knowing this would be an essential tool for quarantine.

2. Which of the following does NOT provide a deduction that allows you to reduce your tax bill?

	a.	Donations to a non-profit charity
	b.	401k contributions from your paycheck
	c.	Home-based business expenses
	d.	Mortgage interest (interest paid on your home loan)
	e.	Gas for your vehicle to drive to school

3. Which is one factor that differentiates finance from accounting?

	a.	Finance emphasizes preparation and reporting of financial information, whereas accounting emphasizes using this information to make decisions.
	b.	All of the choices provided differentiate finance from accounting.
	c.	Accountants are known for their keen sense of humor and stylish dress, whereas finance types are not.
	d.	Finance focuses on cash flows versus accrual basis accounting.

4. Which of the following is the federal government's largest revenue source?

		Individual income taxes
		Customs, Duties, and Excise Taxes
		Payroll taxes
		Corporate income taxes
		Property Taxes

Answer 1

1]

(a) - Senator Burr sold $1.6 million in hotel stocks in anticipation of the quarantine

2]

Home-based business expenses

3]

(d) - Finance focuses on cash flows versus accrual basis accounting.

4]

Individual income taxes