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Quiz | Assets

assets income calculations quiz Feb 26, 2025

This month's quiz explores aspects of household assets for affordable housing properties. Note: Assume post-HOTMA asset rules.

Which of the following is an excluded asset?
A. A checking account.
B. A trust under the control of a family.
C. An RV worth $62,000.
D. An item of necessary personal property.
Add each of the items to all of the items above it. At which point would the value of the assets first start to be counted?
A. A checking account: $1,090.
B. An IRA account worth $324,567.
C. Three certificates of deposit worth $13,346.
D. An antique car held in storage worth $44,564.
Tax returns or refundable tax credits are subtracted from ___________.
A. Total gross assets.
B. The asset the return/credit was deposited into.
C. Total net assets.
D. Employment income.
Which of the following is not one of the main categories of assets?
A. Spordic assets.
B. Necessary personal property.
C. Non-necessary personal property.
D. Real property.

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