Financial Literacy
Answer the questions based off of what you learned via the training video
Date
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Date
Name
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First Name
Last Name
Email
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example@example.com
Phone Number
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Format: (000) 000-0000.
When earning a large income during tax season, what’s the smartest first step to ensure financial stability?
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Spend on luxury purchases immediately
Deposit all funds into a business checking account and plan expenses
Take out loans to invest right away
Keep all earnings in cash
How much should a tax preparer ideally save for taxes and unexpected expenses?
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10% of income
25–30% of income
5% of income
None, since income is seasonal
Which of the following is a good financial habit during high-earning months?
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Mixing personal and business funds
Tracking all income and expenses separately for tax filing
Using i.e cash apps, chime etc for all business transactions
None, since income is seasonal
Why is budgeting important for tax preparers after the tax season ends?
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To predict next season’s refund volume
To manage slow-income months and business costs
To buy new marketing materials immediately
Because the IRS requires it
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