Question 1 Why is excess cash flow important in financial planning? Select one:

Question

Question 1

Why is excess cash flow important in financial planning? Select one: a. It enables you to buy luxury items b. It eliminates financial stress c. It can enable you to reach long term goals d. It works as an emergency fund for unexpected expenses

Question 2

Which of the following income is not taxable income? Select one: a. Tips received b. Interest income c. Insurance benefits d. Dividends

Question 3

You have to file a personal tax return by April 30 each year only if Canada Revenue Agency sent you a request to file. Select one: True False

Quesion 4

Self-employed taxpayers must file a tax return by June 15 of each year. Select one: True False

Explanation / Answer

1. C, Excess cash flow can be invested as a means of accumulating wealth, either for major expenditures such as a child’s college education or for retirement

2. C. Insurance benefits are not taxable.

3. False, It is mandatory and responsiblity of individual tax payer to file a personal tax return.

4. No, Last date to file income tax return in USA is not June 15th of each year. It changes for every year.

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