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Annual Federal Tax Refresher (AFTR)

100 questions 5.0 rating Mobile friendly
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About this Exam

Prepare with the Annual Federal Tax Refresher (AFTR) practice quiz. This question bank includes 100 questions covering applies, regulatory, compliance, risk, and planning. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

Sample Questions

Question 1
A sole proprietor reports business income and expenses on which schedule attached to Form 1040?
Schedule A
Schedule B
Schedule C
Schedule E
Question 2
Under the cash method of accounting, a business recognizes income when:
An invoice is issued to the customer
Payment is constructively or actually received
A contract is signed
Goods are shipped
Question 3
Section 179 expensing allows a business to:
Deduct the full cost of qualifying business property in the year it is placed in service
Amortize startup costs over 15 years
Exclude gain on the sale of business real estate
Defer depreciation recapture to a later year
Question 4
What is the primary purpose of Form 1099-NEC?
To report nonemployee compensation paid of $600 or more to independent contractors
To report interest income over $10
To report distributions from retirement accounts
To report proceeds from broker transactions
Question 5
Bonus depreciation under current law generally allows businesses to deduct what percentage of the cost of qualifying new or used property in the first year?
50%
75%
100%
200%

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Additional Information

Annual Federal Tax Refresher (AFTR)

This practice set contains 100 questions from the matching question bank and focuses on applies, regulatory, compliance, risk, and planning. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Frequently Asked Questions

This quiz contains a total of 100 practice questions carefully selected to test your knowledge on this subject.
Yes, you will have exactly 0 minutes to complete the exam. A countdown timer will be visible once you start.
Yes, you can retake this practice test as many times as you need. The questions and options may be randomized on subsequent attempts to ensure comprehensive learning.

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