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Money Management Flashcards | StudBud
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Money Management
Money Management
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The following Questions will cover the topic of Money Management
Flashcards
21 cards
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Questions
21
Answers
1
A form an employee fills out that determines the amount of withholding allowances
W-2
1040EZ
W-4
WD-40
2
Which of the following would be considered a discretionary expense?
Electric bill
Rent
Concert tickets
Pay Yourself First Account
3
The College Application for Federal Financial Aid
is the FAFSA
differs based on the college or university
generally does not require parents financial information
None apply
4
Net Income is the amount of money that you get to take home with you.
True
False
5
The form used to file for a simple tax return
W-9
W-2
1040-EZ
W-4
6
If the net amount of your budget is negative you:
are likely spending beyond your means
none apply
will owe interest on the amount
can probably save more money
7
The United States uses a _______ tax system
Fixed
Progressive
Balanced
Flat
8
One reason for the rising cost of attending college is
perceived value of elite universities
construction of multi-million dollar facilities on campus
rising administrative salaries
All apply
9
Which of the these household costs could be lowered by having a roommate?
All Apply
Groceries
Rent
Utilities
10
A tax that helps cover the cost of retirement is
401K
Social Security
529 Plan
Medicare
11
A budget is considered balanced when:
Expenses are greater than income
Expenses are less than income
All your money is accounted for
All of your bills have been paid
12
Stopping for Dunkin Donuts coffee every morning is an example of a sensible spending habit.
False
True
13
What does the acronym SMART stand for in SMART goals?
Specific, Measurable, Attainable, Relevant, Time-bound
Specific, Measurable, Affordable, Realistic, Terrifying
Swell, Mom's ideas, Awesome, Real, Terrific
Sensible, Manageable, Attainable, Relevant, Time-Bound
14
My _________ is the amount I get to deposit into my savings account
Net Income
Discretionary Income
Gross Income
Taxable Income
15
An example of a fixed expense would be a
mortgage
all of the above
car payment
student loan
16
This tax helps pay for health care costs for individuals over 65 and those with disabilities
Medicare
401k
Obamacare
Social Security
17
Money left over after all necessities have been paid.
Savings
Retirement Fund
Discretionary Income
Pay-Yourself First
18
Buying Groceries is an example of this type of expense
Periodic
Impulse
Variable
Fixed
19
A tax-advantaged savings plan to use to pay for college tuition is called a
Mutual fund
Scholarship
Grant
529 Saving Plan
20
Generally, a person with a B.S. will make $1,000,000 over a lifetime than a high school grad.
True
False
21
The concept of "paying yourself first" is
a common form of tax invasion
setting aside money for savings before paying bills
considered selfish
limited to 401k contributions
