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