Personal Finance Chapter 1, 2, 3 Test

Money management software will allow you to do all except___.

Reducing the deficit is particularly important to young people because they will inherit the national debt.

In demographic studies, vital statistics refer to____.

A regressive tax taxes___.

Gross income is also called "take-home pay."

The chief advantage of a budget is that it____.

A moral principle or belief that directs a person's actions.

Which of the following is not an entitlement program?

The process of organizing and utilizing resources to accomplish predetermined objectives.

Steps to take in coping with a family financial crisis include all except___.

As discussed in the chapter, the consumer goals and priorities of families tend to change as___.

An example of a need is___>

The Form W-2 determines___.

The Social Security taxes deducted from your earnings today pay for____.

Achieving financial security requires___.

Variable expenses are those that__.

Consumers generally have no need of a lawyer unless they are in trouble with the law.

Wants are those items you must have to survive.

Which of the following is NOT a good question to help you prioritize your goals?

Variable expenses are those that come up in set amounts at specific times.

Mortgage payments and health care costs are two greatest expenses in the beginning stage of family life.

You can help prevent financial crisis by ___.

Key sources of state and local tax revenue include all of the following except___.

A system that guides a person's behavior and provides a sense of direction in his or her life.

Unearned income includes all of the following except___.

The change in total benefit of using one additional unit.

Taxes levied by federal & state governments on the sale & transfer of certain items, such as cigarettes, alcohol, etc.

An effective way to deal with important problems and choices is to make decisions___.

Financial security is largely a matter of day-to-day, month-to-month accounting and bill paying.

The beginning stage in the family life cycle is often characterized by all except___.

In addition to paying for government operations, taxation may be used to___.

When planning the use of resources, it is important to consider that resources are___.

Success during the action phase of management depends on___.

The purpose of a Social Security number is to___.

Tax based on the value of land and buildings owned by taxpayers.

Eating the same food at lunch every day is a choice made___.

Beliefs and principles about what is important or desirable.

FICA is a type of payroll deduction.

The Form W-4 determines____.

Which of the following is the first step of the decision-making process?

A good place to look for the latest demographic statistic is___.

An objective a person wants to attain

Fairness is a key aim of most tax reform proposals.

An illegal way of reducing taxes by failing to declare all income or falsifying deductions, adjustments, and credits.

The change in total cost of using one more unit.

Net income is gross income minus___.

Needs are items that you would like to have.