amount the someone's assets exceeds their liabilites

What is personal finance

all financial decisions someone must make in order to save spend or give

An object of value to insure you receive a loan

What is estate tax on?

Property’s owners right to transfer property

Which one of these include the best way to achieve goals?

be specific, be measurable, deadline of your goal, your goal, write it down

Amount owed on home-market value

What is the best way to talk about money?

Pick the right time/place, be honest, seek counsel, share your goals

What is a loan shark?

someone who charges high interest rates above the established rate

Your pay before taxes and other deductions

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Career Prep Semester 2

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Questions 81

Answers

1
A negative net worth is better than a positive net worth
True
False
2
Who pays the unemployment amount
You
Employee
Employer
3
FICA funds social security and Medicare
False
True
4
If you drop out of college you don’t have to pay your student loans
True
False
5
What is wealth tax based on
How much you have
Market value of an asset
Market value of your home
6
Which income do you receive for your physical work
Earned income
Portfolio income
Passive income
7
What type of loan has collateral required in order to receive it
Secured loan
Subsidized loan
Unsecured loan
8
Which expense is constant month to month
Fixed
Discretionary
Variable
Intermittent
9
Which types of colleges are usually more expensive
In state college
Brand name
Community college
10
A person's earnings after payroll taxes and other deductions is called their....
net income
gross icome
liabilites
deaby
11
What is net worth?
How much a person has earned in total
how much money they currently have
amount that someone's liabilities exceeds their assets
amount the someone's assets exceeds their liabilites
12
What does a FAFSA look at
How much money you have
Have much money your parents have
Your parents tax return
Your tax return
13
Which income is earned from investments
Earned icom
Passive income
Portfolio income
14
What percent of personal finance is behavior and head knowlegde?
20% head knowlegde 80% behvior
30% head knowledge 70 % behavior
50% behavior 50% head knowlegde
30% behavior 70% head knowlegde
15
Which one of these is a bad way to pay for college
Scholarships
Work study
Grants
Loans
16
Your relationships are influence by how you handle money
True
False
17
Is salary a fixed amount you earn
No
Yes
18
How much does FDIC insure up to and who is it insured through
$250k retail bank
$200k retail bank
$250k credit union
$250k online bank
19
Which account is just like a savings account but with higher interest based on the balance in sed account
CD account
Savings account
Money Market Account
Checking account
20
What is capital gains tax?
Tax on your house
Tax on something you gain
Tax on you car
21
What is personal finance
how someone chooses to handle their own finances
how to handle your money
all financial decisions someone must make in order to save spend or give
22
What is the average rate of growth for an investment over time
Compound income
Compound interest
Compound growth
23
What is NCUA insured through
Online bank
Retail bank
Credit union
24
What is collateral
Something you own
An object of value to insure you receive a loan
Something you own that can be taken
25
When does FAFSA open
August 1
December 1
April 1
October 1
26
A wage is money paid by the hour for an agreed # of hours per week
True
False
27
How often is property tax paid?
Once a month
Bimonthly
Once a year
Semiannually
28
What is the biggest their of your financial future?
interest
saving
debt
budgets
29
Which account is jsut like a savings account but with high interest but your money is locked for a certain amt of time
Savings account
CD account
Money Market Account
Checking account
30
What can lower your taxable income
Getting a lesser paying job
Lying
Giving to a nonprofit
31
What is the best thing to do when budgeting with irregular income
Focus on giving
Focus on expenses
Focus on saving
32
Which income do you earn by barely doing any physical work
Earned income
Passive income
Portfolio income
33
What is estate tax on?
If you inherited something
Property’s owners right to transfer property
Property itself
34
There is such thing as good debt
True
False
35
Which one of these include the best way to achieve goals?
be specific, measurable, no deadline, someone's goal, keep quiet
have no deadline, tell someone your goal, think huge
Be broad, your own goal, keep it secret
be specific, be measurable, deadline of your goal, your goal, write it down
36
Which one of these is the least expense?
Trade school
Community college
4 year college
37
How much can you gift before gift tax is enforced
10,000
16,000
14,000
20,000
38
How long is a short term goal?
up to 2 years
more than 5 years
2-5 years
39
A medium term goal should take around 2-5 years
True
False
40
What are personal loans for?
House
Car
Personal things
41
What is house equity
Amount owed on home-market value
How much your house is worth
Market value
42
Which expense is for things you don’t need
Fixed
Variable
Intermittent
Discretionary
43
How long is a long term goal?
up to 2 years
longer than 5 years
2-5 years
44
What is the best way to talk about money?
Randomly start talking, be secretive, see counsel, no goals
Pick the right time and place, be secretive, no goals
Pick the right time/place, be honest, seek counsel, share your goals
45
What is a loan shark?
someone who charges high interest rates above the established rate
someone who charges low interest rates
some who doesn't charge interest but has low minimum payments
46
How far back should you keep taxes in case the IRS decides to audit
4 years
1 years
2 years
3 years
47
How fast does a check take to process?
2-3 days
Immediately
Whenever someone cashes it
48
What is gross pay
Your pay before taxes and other deductions
Your pay after taxes or other deductions
49
Which expense occurs at various times in the year
Fixed
Variable
Discretionary
Intermittent
50
Which account is used for everyday spending?
Checking account
Money Market Account
CD account
Savings account
51
What form shows you how much taxes was withheld?
1040
W-4
W-2
52
What is a written plan for your money?
savings
bank statement
budget
53
What status are many American families financially
Have no debt
Live paycheck to paycheck
In debt
54
What is an appreciating asset?
Asset that gains value
Asset that loses value
55
What is a depreciating asset
Asset that gains value overtime
Asset that looses value
56
what is the percentage of principal charged by the lender for using their money
credit
interest rate
deduction
57
What happens if you take your money out of a CD account early
You gain money
You pay a fee
Nothing
58
Which form do most people fill their taxes out on
1040
W-4
W-2
59
Which of these is owned by their members?
Online bank
Credit union
Retail bank
60
What are grants based off of
How much money you have
How much you need
Which college you want to go to
61
Which account has the best liquidity
CD
Checking
Savings
MM
62
What do you need to be to become successful
Disciplined
Nice
Smart
63
Which one of these do Predatory Lenders prey on
Those banked
Those underbanked
Those unbanked
Those in debt
64
Which expense varies in amount month to month
Variable
Fixed
Intermittent
Discretionary
65
Which one of these is a bad thing?
net worth
asset
liabilities
gross income
66
What is the formula to calculate Net Worth?
Liabilities - Assets
Assets - Liabilities
67
What is interest paid on interest already earned
Compound income
Compound interest
Compound growth
68
What is financial literacy?
A skill base that is only used to manage finances.
Knowledge that is recomended for ppl to be informed consumers
skill base needed for ppl to be informed consumers and manage finances well
69
What association made borrowing money for college easier in 1972
student Loan Marketing Association
Marketing Loan Association
Student Marketing Association
70
What is the best way to eliminate debt
Jsut pay the minimum payment
Envelope system
Debt snowball
71
Which form determines how much will be withheld
1040
W-2
W-4
72
What are the 4 walls?
Food utilities shelter transportation
Food Car Shelter
Food School Utilities Transportatikn
73
Debt is money that someone owes to you
True
False
74
Which of these is not a question you ask to determine if something is an emergency
Is it urgent
Is it impossible
Is it necessary
Is it unexpected
75
A credit score shows that you are good with money
False
True
76
What are deductions
Expenses you ask for money to be sent to
Involuntary amount taken out of ur paycheck
77
Which account is used to protect the money you are saving and has very little interest
Savings account
Checking account
CD account
Money Market account
78
Out of state college is less expensive than in state college
True
False
79
An average how long does it take to pay back student loans
5 years
10-20years
10 years
80
What law states that “if it can go wrong, it will”
Newtons
Murpheys law
81
When you are married it is “our” money
False
True

Career Prep Semester 2 Flashcards | StudBud