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