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Test your basic knowledge |
Financial Planning
Start Test
Study First
Subject
:
business-skills
Instructions:
Answer 33 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The achievement of financial aspirations that are desired - planned or attempted. It is defined by the individual who seeks it. *unique to each individual
Level of Living
Stages of Career Planning Process
Job
Financial Success
2. 1. Work well w/ others 2. Perform at peak levels 3. Wide array of interests 4. Cope w/ conflict and change 5. Financial awareness 6. Technical knowledge 7. Problem solving ability 8. Excellent communication skills
Types of Audits
Competencies for Success
Financial Planning
Career Planning
3. The way we can afford to live today and make ends meet
Money Management Components
Financial Success
Level of Living
Tax Avoidance
4. A Snap Shot (one day) - Assets (cash - checking - savings - home - car - stocks - bonds - retirement) - Liabilities (credit card balances - loans) - Net Worth = (assets) - (liabilities)
Level of Living
Balance Sheet
Comparing Financial Institutions
Tax Info Sources
5. Position obtained to earn money
Obtaining Employment Experience
Career
Tax Info Sources
Job
6. Savings -Payment services -Borrowing -Trust -asset management account
Career Planning
Career Information Services
Types of audits
Types of financial services
7. Correspondence for minor questions -Office audit: takes place at IRS office -Field audit: most complex - visit you at home
Career Information Services
Level of Living
Types of audits
Balance Sheet
8. Storing and maintaining personal financial records - Creating personal financial statements (balance sheets and cash flow) - Creating a plan for spending and saving (budgeting)
Tax Evasion
Types of Goals
Types of Audits
Money Management Components
9. Legal
Money Management Components
Career Planning
Tax Avoidance
Comparing Financial Institutions
10. Where can I get best return? -Minimize cost of checking and payment services? -Can I borrow money when I need it? Types of endorsements -Blank Endorsement: Sign back of check; most risky -Restrictive Endorsement: write acct # and "for deposit only"
Obtaining Employment Experience
Types of financial services
Comparing Financial Institutions
Budgeting Process
11. Tax on Purchase (sales tax) - Tax on Property (property tax) - Tax on Wealth (estate or inheritance taxes) - Tax on Earnings (Income and social security)
Standard of Living
Job
Purpose of Taxes
Types of Taxes
12. IRS
Financial Planning
Types of Risk
Tax Info Sources
Obtaining Employment Experience
13. Commitment to a profession that requires continued training
Goal Setting Guidelines
Cash Flow Statement
Career
Tax Evasion
14. 1. Asses goals and abilities 2. Evaluate employment market 3. Develop resume and letter 4. Interview and assess performance 5. Evaluate positions offered 6. Address career development
Career Planning
Competencies for Success
Types of Audits
Obtaining Employment Experience
15. Purchases -property -wealth (inheritance) -earnings
Types of taxes
Stages of Career Planning Process
Tax Evasion
Tax Info Sources
16. 1. Assess goals and abilities 2. Evaluate employment market 3. Develop resume and letter 4. Interview and assess performance 5. Evaluate positions offered 6. Address career development
Stages of Career Planning Process
Opportunity Cost and Money Mgmt
Tax Avoidance
Tax Evasion
17. Short Term- within the year (small debts - saving for a vacation) Intermediate- 1 to 5 years Long Term- more than 5 years (retirement)
Financial Planning
Tax Info Sources
Types of Goals
Goal Setting Guidelines
18. Facilitates handling Financial affairs -Promotes timely bill paying -Benchmarks for success -records available @ tax time -Improves financial decisions -Clear record of available resources
Financial Records System
Types of financial services
Money Management Components
Types of Taxes
19. Inflation Risk- waiting to buy something could cost more Intrest Rate Risk- changing intreats rate effect your cost Income Risk- loss of job Personal Risk- additional cost associated with health and safety Liquidity Risk- investment with difficulty
Purpose of Taxes
Types of Risk
Level of Living
Types of financial services
20. Generate funds for government spending
Career Planning
Obtaining Employment Experience
Purpose of Taxes
Financial Planning
21. S- specific M- measurable A- action oriented R- realistic T- time based
Cash Flow Statement
Purpose of Taxes
Balance Sheet
Goal Setting Guidelines
22. Deposit a specific amount each payday into an account not readily accessible - payroll deduction - save coins - and cut down on spending - putting Payroll deductions into saving accounts - Automatic payments from checking into savings accounts or mut
Career
Types of audits
Purpose of Taxes
Savings techniques
23. Illegal
Career
Purpose of Taxes
Types of Taxes
Tax Evasion
24. The process of managing your money to achieve personal economic satisfaction
Deposit Institutions
Tax Info Sources
Tax Avoidance
Financial Planning
25. A financial statement that lists and summarizes income and expense transactions over a period of time
Tax Info Sources
Job
Cash Flow Statement
Budgeting Process
26. Implementing the budget (recording amnts spent) - Evaluating the budget (reviewing patterns)
Career
Standard of Living
Comparing Financial Institutions
Budgeting Process
27. Correspondance (minor questions) - Office audit - Field (most complex) (more coorp. than ppl.)
Career Information Services
Tax Avoidance
Types of Audits
Career Planning
28. Spending reduces savings potential while saving reduces amounts available for spending -Credit use ties up future income -Using savings for purchases depletes savings -Comparison shopping spends time but saves money
Level of Living
Opportunity Cost and Money Mgmt
Types of audits
Cash Flow Statement
29. Campus Projects -Internships -Volunteer work -Part-time employment -Full-time employment
Standard of Living
Tax Info Sources
Financial Planning
Obtaining Employment Experience
30. Library and online info -career center -Networking -References -Company Visits
Level of Living
Types of audits
Career Information Services
Types of financial services
31. How we want to live financially
Types of Goals
Tax Info Sources
Standard of Living
Goal Setting Guidelines
32. Effective managing of resources - Control of financial affairs - Improved personal relationships - Freedom from financial worry
Types of audits
Stages of Career Planning Process
Advantages of Financial Planning
Types of Risk
33. Commercial Banks -Savings and loan associations -Mutual Savings Banks -Credit Unions
Deposit Institutions
Money Management Components
Career
Financial Planning