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