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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. 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 Taxes
Savings techniques
Career Information Services
Career
2. The achievement of financial aspirations that are desired - planned or attempted. It is defined by the individual who seeks it. *unique to each individual
Career Planning
Financial Success
Career Information Services
Tax Info Sources
3. 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
Opportunity Cost and Money Mgmt
Types of Risk
Types of Goals
Competencies for Success
4. How we want to live financially
Types of Risk
Career Information Services
Goal Setting Guidelines
Standard of Living
5. Short Term- within the year (small debts - saving for a vacation) Intermediate- 1 to 5 years Long Term- more than 5 years (retirement)
Comparing Financial Institutions
Types of Goals
Types of Taxes
Competencies for Success
6. IRS
Advantages of Financial Planning
Tax Info Sources
Types of Taxes
Tax Evasion
7. S- specific M- measurable A- action oriented R- realistic T- time based
Money Management Components
Types of Goals
Purpose of Taxes
Goal Setting Guidelines
8. Library and online info -career center -Networking -References -Company Visits
Deposit Institutions
Career Information Services
Balance Sheet
Budgeting Process
9. Effective managing of resources - Control of financial affairs - Improved personal relationships - Freedom from financial worry
Types of Taxes
Advantages of Financial Planning
Balance Sheet
Financial Planning
10. 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
Budgeting Process
Financial Records System
Stages of Career Planning Process
Career Planning
11. A financial statement that lists and summarizes income and expense transactions over a period of time
Financial Records System
Financial Success
Cash Flow Statement
Tax Evasion
12. Commercial Banks -Savings and loan associations -Mutual Savings Banks -Credit Unions
Types of Risk
Deposit Institutions
Types of audits
Financial Success
13. The way we can afford to live today and make ends meet
Career
Level of Living
Career Planning
Financial Records System
14. Illegal
Types of audits
Money Management Components
Stages of Career Planning Process
Tax Evasion
15. Generate funds for government spending
Advantages of Financial Planning
Deposit Institutions
Types of Taxes
Purpose of Taxes
16. Position obtained to earn money
Tax Avoidance
Job
Deposit Institutions
Types of Audits
17. Purchases -property -wealth (inheritance) -earnings
Tax Evasion
Types of taxes
Financial Records System
Budgeting Process
18. Facilitates handling Financial affairs -Promotes timely bill paying -Benchmarks for success -records available @ tax time -Improves financial decisions -Clear record of available resources
Advantages of Financial Planning
Financial Records System
Opportunity Cost and Money Mgmt
Job
19. 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
Level of Living
Financial Success
Stages of Career Planning Process
Career Planning
20. 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
Budgeting Process
Opportunity Cost and Money Mgmt
Deposit Institutions
Types of taxes
21. Commitment to a profession that requires continued training
Types of Risk
Stages of Career Planning Process
Career
Obtaining Employment Experience
22. A Snap Shot (one day) - Assets (cash - checking - savings - home - car - stocks - bonds - retirement) - Liabilities (credit card balances - loans) - Net Worth = (assets) - (liabilities)
Tax Avoidance
Balance Sheet
Stages of Career Planning Process
Career Planning
23. Storing and maintaining personal financial records - Creating personal financial statements (balance sheets and cash flow) - Creating a plan for spending and saving (budgeting)
Career Planning
Types of taxes
Purpose of Taxes
Money Management Components
24. Campus Projects -Internships -Volunteer work -Part-time employment -Full-time employment
Career
Obtaining Employment Experience
Types of Taxes
Purpose of Taxes
25. 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"
Career Planning
Tax Evasion
Obtaining Employment Experience
Comparing Financial Institutions
26. 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
Cash Flow Statement
Purpose of Taxes
Savings techniques
27. Correspondence for minor questions -Office audit: takes place at IRS office -Field audit: most complex - visit you at home
Standard of Living
Types of audits
Money Management Components
Obtaining Employment Experience
28. 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 Planning
Job
Savings techniques
Cash Flow Statement
29. Savings -Payment services -Borrowing -Trust -asset management account
Budgeting Process
Types of financial services
Competencies for Success
Career
30. Correspondance (minor questions) - Office audit - Field (most complex) (more coorp. than ppl.)
Purpose of Taxes
Cash Flow Statement
Types of Audits
Balance Sheet
31. Implementing the budget (recording amnts spent) - Evaluating the budget (reviewing patterns)
Standard of Living
Level of Living
Career Planning
Budgeting Process
32. Legal
Balance Sheet
Career Information Services
Financial Records System
Tax Avoidance
33. The process of managing your money to achieve personal economic satisfaction
Types of taxes
Financial Planning
Obtaining Employment Experience
Level of Living