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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. Library and online info -career center -Networking -References -Company Visits
Career Information Services
Stages of Career Planning Process
Types of taxes
Types of Taxes
2. A financial statement that lists and summarizes income and expense transactions over a period of time
Types of Risk
Cash Flow Statement
Types of audits
Career
3. Position obtained to earn money
Purpose of Taxes
Comparing Financial Institutions
Job
Savings techniques
4. 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
Standard of Living
Savings techniques
Opportunity Cost and Money Mgmt
Level of Living
5. The process of managing your money to achieve personal economic satisfaction
Financial Planning
Financial Success
Balance Sheet
Career Information Services
6. Generate funds for government spending
Opportunity Cost and Money Mgmt
Financial Records System
Purpose of Taxes
Savings techniques
7. Effective managing of resources - Control of financial affairs - Improved personal relationships - Freedom from financial worry
Advantages of Financial Planning
Stages of Career Planning Process
Types of Risk
Financial Records System
8. Correspondance (minor questions) - Office audit - Field (most complex) (more coorp. than ppl.)
Tax Info Sources
Types of Audits
Goal Setting Guidelines
Job
9. Campus Projects -Internships -Volunteer work -Part-time employment -Full-time employment
Competencies for Success
Obtaining Employment Experience
Tax Avoidance
Goal Setting Guidelines
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"
Types of Taxes
Comparing Financial Institutions
Tax Evasion
Level of Living
11. 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
Savings techniques
Comparing Financial Institutions
Tax Evasion
Competencies for Success
12. Illegal
Tax Evasion
Money Management Components
Career
Types of taxes
13. Implementing the budget (recording amnts spent) - Evaluating the budget (reviewing patterns)
Balance Sheet
Career Planning
Career Information Services
Budgeting Process
14. A Snap Shot (one day) - Assets (cash - checking - savings - home - car - stocks - bonds - retirement) - Liabilities (credit card balances - loans) - Net Worth = (assets) - (liabilities)
Budgeting Process
Balance Sheet
Deposit Institutions
Stages of Career Planning Process
15. IRS
Tax Info Sources
Types of Goals
Tax Avoidance
Advantages of Financial Planning
16. Purchases -property -wealth (inheritance) -earnings
Types of audits
Tax Info Sources
Obtaining Employment Experience
Types of taxes
17. Savings -Payment services -Borrowing -Trust -asset management account
Types of financial services
Competencies for Success
Types of Taxes
Financial Planning
18. 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
Job
Career
Types of Risk
Career Planning
19. 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 Risk
Stages of Career Planning Process
Tax Avoidance
20. Commercial Banks -Savings and loan associations -Mutual Savings Banks -Credit Unions
Purpose of Taxes
Types of financial services
Financial Planning
Deposit Institutions
21. Commitment to a profession that requires continued training
Balance Sheet
Types of financial services
Types of Goals
Career
22. Storing and maintaining personal financial records - Creating personal financial statements (balance sheets and cash flow) - Creating a plan for spending and saving (budgeting)
Tax Avoidance
Career
Money Management Components
Types of Audits
23. S- specific M- measurable A- action oriented R- realistic T- time based
Opportunity Cost and Money Mgmt
Types of taxes
Advantages of Financial Planning
Goal Setting Guidelines
24. How we want to live financially
Budgeting Process
Purpose of Taxes
Standard of Living
Stages of Career Planning Process
25. Legal
Financial Records System
Tax Avoidance
Types of Goals
Types of Risk
26. Tax on Purchase (sales tax) - Tax on Property (property tax) - Tax on Wealth (estate or inheritance taxes) - Tax on Earnings (Income and social security)
Types of financial services
Level of Living
Competencies for Success
Types of Taxes
27. Correspondence for minor questions -Office audit: takes place at IRS office -Field audit: most complex - visit you at home
Job
Comparing Financial Institutions
Types of audits
Stages of Career Planning Process
28. 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
Types of financial services
Stages of Career Planning Process
Types of Goals
Tax Avoidance
29. Short Term- within the year (small debts - saving for a vacation) Intermediate- 1 to 5 years Long Term- more than 5 years (retirement)
Savings techniques
Types of financial services
Career Information Services
Types of Goals
30. The way we can afford to live today and make ends meet
Level of Living
Types of audits
Purpose of Taxes
Career Information Services
31. The achievement of financial aspirations that are desired - planned or attempted. It is defined by the individual who seeks it. *unique to each individual
Financial Success
Balance Sheet
Deposit Institutions
Tax Info Sources
32. 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
Goal Setting Guidelines
Types of financial services
Balance Sheet
33. 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
Competencies for Success
Types of Taxes
Types of Audits
Obtaining Employment Experience