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Duplicate of Budget Flashcards | StudBud
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Duplicate of Budget
Duplicate of Budget
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Flashcards
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Questions
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Answers
1
A 401K plan is a
bank account specifically for workers
benefit that helps workers invest for retirement
bank account specifically for entrepreneurs
special type of business plan
2
The life expectancy of Americans is
65
85
62
79.3
3
Which of the following are fixed expenses?
gas bill
grocery bill
Pet supplies, clothes, and food
rent, car payment, and student loan payment
4
What are the 3 money management tools we learned about in class?
Statement of financial position, income & expense statement, & savings plan
Statement of fin. position, income & expense statement, & spending assets
Statement of fin. position, income & expense statement, & spending plan
all of these
5
What are the 3 components of a statement of financial position?
investments
Assets, liabilities, net income
assets, liabilities, net worth
Assets, liabilities, net gains
6
Which of the following are variable expenses?
clothes, gifts and food
rent, insurance and utilities
7
If my employer does not offer a 401K plan, I can
open a 403B instead
open 401K from a relative's employer
not invest at all
open an Individual Retirement Account
8
How much of your income do experts recommend investing in a 401K account?
5%
10%
15%
12%
9
Two significant advantages of a 401K over an IRA are that you can...
get free money from a gov't motched & you can contribute more per year
get free money from an employer matched & you can contribute more per year
get free international money & you can contribute more per year
establish your own business
10
What is the first step in personal financial planning?
Opening a savings account
setting financial goals
Creating a budget
Investing in stocks
11
What is estate planning?
none of these
A complete plan of what should happen upon birth
A complete plan of what should happen upon vacationing
A complete plan of what should happen upon death
12
An emergency fund is to
invest in real estate
cover unexpected expenses
pay off debt
save for retirement
13
What do you call a plan for managing your money?
money map
budget
14
A tool used to determine a person's net worth...
Statement from the bank
Statement of financial position
Statement from an attorney
Statement from an accountant
15
Why should one save for retirement?
to avoid setting financial goals
to spend money frivolously
to have financial security in old age
to accumulate unnecessary debt
16
Estate planning is a clear and complete plan of what should happen upon death.
False
True
17
The following are advantages of a 401K except...
Contributing up to $19,500 which is more than the limits for an IRA.
Paying taxes on your investment growth each year.
Investing your 401K into a wider variety of asset than possible with IRA.
Employer matching some of your 401K contributions.
18
Net worth and net income are the same.
False
True
19
A Roth IRA is a retirement plan that
one can open & fund w/ money that you have paid taxes on and grows tax-free
one can open & fund w/ pretax dollars; taxes are paid if money is withdrawn
an employer sponsors and matches your contributions before taxes
an employer sponsors & pays a set amt. every year after your retire. age
20
What is a living will?
none of these
Care for someone who is young or incapacitated & cannot care for themselves
Care for someone who is young or incapacitated & can't care for investments
Care for someone who is young or incapacitated & can't care for property
