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Unit 1 - Earning & Spending Test Review Flashcards | StudBud
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Unit 1 - Earning & Spending Test Review
Unit 1 - Earning & Spending Test Review
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Answers
1
What does the S in SMART Goals represent?
Student
Specific
Special
Smart
2
Which of the following are examples of person-to-person apps?
Venmo
Venless
Cash App
PayPal
3
The Maximum mileage you can put on a leased car is between 10,000 to 15,000
True
False
4
what is a variable expense?
a cost you did not plan for
a cost that occurs regularly and is always the same
a cost determined by wants
A cost that occurs regularly but may vary in amount
5
Which of the following are precautions used with P2P apps?
Use a strong password for your app.
Only send money to people you know.
Send money to people you do not know.
Beware of scams
6
What are Pre-Tax Deductions and Contributions?
Contributions taken out of your paycheck BEFORE taxes are calculated
Contributions taken out of your paycheck AFTER taxes are calculated
7
What are two examples of Employer contributions?
401k & Roth IRA
Traditional & Roth IRA
Health Insurance and 401K
Federal & State Taxes
8
Which is an advantage of owning a home over renting?
it is yours and you can make all decisions
you build equity over time
all of these
you can sell it later on for a profit if it increases in value
9
A goal is
factual information such as statistics or test results
an aim or target a person tries to reach or achieve
a group of related jobs in a career cluster
10
Discretionary Income
The main product.
Money left to spend after necessary expenses are paid.
Any form of communication which one industry relies on another.
Sellers of products.
11
What is a medium-term goal?
A goal that requires longer than ten years to achieve
A goal that requires less than a month to achieve
A goal that requires one to five years to achieve
A goal that requires less than six months to achieve
12
An advantage of renting an apartment instead of buying a home?
make changes
more privacy
flexibility to move
Build equity
13
What is a financial plan?
management funds
A budget
Your financial goals and a plan to achieve them
14
Which method of payment is most appropriate for a small online purchase?
Credit Card
Cash
Debit Card
Check
15
What does the M in SMART stand for?
Memorable
Meaningless
Measurable
Marvelous
16
How often do you receive bank statements
Weekly
Yearly
Monthly
Daily
17
What percentage of the house cost is typically required for the down payment?
20%
50%
75%
44%
18
How do credit cards work
The money comes from your checking account
line of credit from your bank to make purchases with
The money comes from the treasury dept.
The money comes from your savings account
19
What is discretionary spending?
Spending that Congress and President must approve annually
spending that is decided by the public
spending that is required by law
spending that is required by the president
20
What is a Short-Term Goal?
a goal you want to achieve in less than 3 months time
a goal you want to achieve in at least 2 years
a goal you want to achieve in less than 12 months time
a goal you want to achieve in at least 5 years
21
What does the A in SMART Goals represent?
Assured
Acheivement
Achievable
Academic
22
What does the T in SMART mean?
Terrific
Thoughtful
Time Bound
Testable
23
What is a fixed expense?
An expense that changes due to production
A want
An expense that stays the same no matter what
An expense that isn't needed
24
What is FICA?
Federal taxes that fund Social Security and Medicare
People who make money for the city
Federal Inability Care Association
People who help with the government
25
What are wants?
When people are greedy and deman too much
Something needed by people with money
Things required to live.
Things that can improve your life, but not necessary for survival
26
Setting up a realistic budget is a good way to avoid financial trouble.
True
False
27
What is a disadvantage of using a credit card?
Convenient
Purchase big items easily
tempting to overspend
Less expensive than using cash
28
One difference between a debit card and a credit card is that
debit cards generate unsecured debt.
debit cards can only be used when making a large transaction
debitcards provide better consumer protection vs creditcards
debit card payments come directly from your checking account
29
What is gross pay?
Wages you earn prior to tax deductions
The amount of money you make in 1 year
None of the above
The amount after tax deductions
30
What is net pay?
The amount prior to tax deductions
Wages you earn after tax deductions
None of the above
The amount of money you make in 1 year
31
What does the R in SMART Goals represent?
Right
Ritualistically
Realistic or Relevant
Respectful
32
What are components of financial planning
execute a financial plan
assess your financial situation
write a financial plan
spend lots of money
33
What are necessities that people require to survive?
Money
Wants
Needs
Goals
