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