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