VITA Program
This free IRS program helps low- and moderate-income taxpayers file their returns.
Volunteer Income Tax Assistance (VITA) program
Which accounting professor has a collection of over 500 used golf balls?
Professor Maron
This U.S. agency collects federal income taxes.
IRS
This professional credential allows accountants to represent clients before the IRS.
CPA
This is the plan you make to track how much money you earn and spend.
Budget
Which U.S. agency oversees the Volunteer Income Tax Assistance (VITA) program?
The Internal Revenue Service (IRS)
What is the name of the report that shows a company’s revenues and expenses over a period of time?
What form do employees fill out to tell their employer how much federal income tax to withhold from their paycheck?
Form W-4
This type of accountant focuses on preparing tax returns and advising on tax strategy.
tax accountant
The money you set aside to prepare for unexpected expenses.
Emergency fund
What type of taxpayers does the VITA program mainly help?
Low- to moderate-income taxpayers
What accounting term describes everything a company owns that has value?
Assets
If you need more time to file, you can request what?
An extension
How many credit hours are required to meet CPA eligibility?
150 credit hours
What part of your credit card statement must be paid in full to avoid interest charges?
The total balance.
The two types of roles during VITA
Greeter and Preparer
What accounting equation must always stay balanced?
Answer: Assets = Liabilities + Equity
Many people get money back from the government after filing taxes. What is this money called?
tax refund
This IRS-issued identification number allows paid tax preparers to file returns.
PTIN (Preparer Tax Identification Number)
This number represents your borrowing reliability and affects loan approvals.
Credit Score
The online software used by VITA volunteers to prepare tax returns.
TaxSlayer Pro
This financial statement shows a company’s cash inflows and outflows.
Statement of cash flows
The IRS sometimes sends letters to people who make mistakes on their tax forms. What is this called?
tax notice
This test measures your knowledge for becoming a licensed accountant in the U.S.
CPA exam
The government form that shows how much federal income tax your employer withheld for the year.
W-2