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ABA CTFA Exam (page: 12)
ABA Certified Trust and Financial Advisor (CTFA)
Updated on: 25-Dec-2025

Viewing Page 12 of 91
CTFA PDF 895 Questions

Average tax rate:

  1. Is the rate at which each dollar of taxable income is taxed on average; calculated by dividing the tax liability by taxable income
  2. Is the rate at which each dollar of taxable income is taxed annually; calculated by dividing the tax liability by taxable income.
  3. Is the rate at which each dollar of taxable income is taxed on average; calculated by dividing the tax liability by non-taxable income
  4. Is the rate at which each dollar of taxable income is taxed on average; calculated by dividing the tax liability by expenses

Answer(s): A



Which of the following would be included in a cash budget?

  1. Depreciation charges
  2. Dividends
  3. Patents
  4. Amortization

Answer(s): B



It is the deduction of AGI based on the number of persons supported by the taxpayer's income

  1. Exemption
  2. Dependence
  3. Tax payment
  4. Adjustment

Answer(s): A



Exemptions are phased out and eliminated altogether for taxpayers with high levels of AGI. After adjusting for inflation, it applies to single taxpayers with 2008 AGI:

  1. Under $159, 950
  2. Over $159, 950
  3. Equal to $179, 950
  4. Over $189, 950

Answer(s): B



The illegal act failing to accurately report income or deductions and in extreme cases, failing to pay taxes altogether is:

  1. Tax avoidance
  2. Tax Invasion
  3. Tax Evasion
  4. None of these

Answer(s): C



Viewing Page 12 of 91



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JUAN 6/28/2023 2:12:00 AM

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