Prior to the CARES Act, if you surpassed your 60% limit tax deduction, what would you most likely need to do?
(1 point)
Responses
You would have to pay regular taxes on anything over the 60%.
You would have to pay regular taxes on anything over the 60%.
You would get fined for attempting to defraud the IRS.
You would get fined for attempting to defraud the IRS.
It would be given back to you in a stimulus check for the amount over 60%.
It would be given back to you in a stimulus check for the amount over 60%.
It carried into the next year.
It guarantees that you won't lose all of your money.
the interest paid on interest
What does it mean when a bank is FDIC insured?(1 point)
Responses
It has insurance on the building.
It has insurance on the building.
It has insurance on its investments.
It has insurance on its investments.
It guarantees that you won't lose all of your money.
It guarantees that you won't lose all of your money.
It is one of the top 100 banks in the world.
It is one of the top 100 banks in the world.
What is the definition of compound interest?(1 point)
Responses
the interest paid on interest
the interest paid on interest
the interest charged on your home loan
the interest charged on your home loan
the interest you pay on your taxes
the interest you pay on your taxes
the interest paid to your company
What is the main difference between a banking institution and a non-banking financial institution?(1 point)
Responses
Banking institutions accept deposits into savings and demand deposit accounts.
Banking institutions accept deposits into savings and demand deposit accounts.
Banking institutions are used for investments.
Banking institutions are used for investments.
Non-banking financial institutions offer loans to customers.
Non-banking financial institutions offer loans to customers.
Non-banking financial institutions enable donations to nonprofit organizations.