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