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