VITA Session 1 Quiz | Questions with 100% Correct Answers | Verified Solution Updated 202, Exams of Humanities

Download VITA Session 1 Quiz | Questions with 100% Correct Answers | Verified Solution Updated 202 and more Exams Humanities in PDF only on Docsity! 1 [Date] VITA Session 1 Quiz | Questions with 100% Correct Answers | Verified Solution Updated 2023 1) What weighted average of scores must volunteers get on weekly quizzes? A) 100% B) 80% C) 65% D) 70% - ✔✔️D️) 70% 2) (T/F) You are allowed to Quality Review a tax return that you filed. - ✔✔️F️alse 3) How many volunteer hours are required during Winter and Spring Quarters respectively? A) 12 Hours; 9 Hours B) 14 Hours; 6 Hours C) 10 Hours; 12 Hours D) 9 Hours, 9 Hours - ✔✔️A️) 12 Hours; 9 Hours 4) Becky finished preparing a tax return for Susan which came out to have a large refund. Thrilled, Susan offers Becky $50 for her quality service and respectful manner. Which of the following statements are correct? A) Becky should accept the $50 and thank Susan for her kindness. B) Becky should reject Susan's offer and tell her that she cannot accept any form of payment. C) Becky says that it would be more convenient if Susan could Venmo her the $50 instead. - ✔✔️B️) Becky should reject Susan's offer and tell her that she cannot accept any form of payment. 5) A client finished filling out their intake form (Form 16314-C) and the volunteer notices that the client had the "unsure" box checked on the Interest/Dividends section. What should you as a volunteer do in this situation? A) Ask the client to make sure if she had received any of the forms (1099-INT; 1099-DIV). 2 [Date] B) Disregard the issue and move on with preparing the tax return. C) Change the "Unsure" box to "No" because the client didn't give you the forms. - ✔✔️A️) Ask the client to make sure if she had received any of the forms (1099- INT; 1099-DIV). 6) (T/F) If a client has an ID but only a photo copy of their SSN, we are still allowed to file their return. - ✔✔️T️rue 7) How many tax returns are volunteers required to prepare each quarter? A) 1 B) 2 C) 3 D) 4 E) 5 - ✔✔️B️) 2 8) Jason prepares a tax return for Jim and finds out that Jim is in need of a new car. Jason takes his information and gives it to his friend who is a car salesman. Which of the following statement is true? A) There is no violation to the Volunteer Standards of Conduct (VSC) unless Jason makes money off the information. B) Jason has violated the VSC because he solicited business to benefit his friend. C) Information obtained at tax site can be used by Jason for personal gain. - ✔✔️B️) Jason has violated the VSC because he solicited business to benefit his friend. 9) Laura's spouse, Jim, died in September of the 2020 tax year. She has not remarried, and provides all the support for their dependent children, ages 8 and 10. What is the most advantageous filing status for Laura for the 2020 tax year? A) Head of Household B) Married Filing Jointly C) Single D) Qualifying Widower - ✔✔️B️) Married Filing Jointly 10) Based on the previous scenario, what is the most advantageous filing status for Laura for the 2020 and 2021 tax years?