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