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Money Management
Money Management
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Money Management #moneypowerreview #moneymanagement W!SE
Flashcards
27 cards
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Practice quiz
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Questions
27
Answers
1
When should you start to contribute to your retirement plan?
Soon as possible
take your time
Soon as you get a place
After a year
2
A soda is priced $1.00, the term money gives products value
representative
medium of exchange
bartering
store of value
3
A good example of a well-stated financial goal is
Become financially independent
Buy a house
Buy a $25,000 car
Pay off $5,000 in credit card debt in two years
4
One of the reasons cigarettes are so expensive is that
the government imposes an excise tax on them.
the tobacco industry imports most of the tobacco.
the cost is controlled by the Food and Drug Administration
Tobacco supply is controlled by the Federal Trade Commission
5
The term that best describes your net pay after taxes are deducted is
take-home pay
assets
net worth
total revenues
6
A clear understanding of your personal values will help you to
to save effectively
make choices that reflect what is important to you
increase your anxiety about consumer and financial decisions
to spend money on material goods
7
Which of the following is
NOT
true when you pay off your mortgage
you don't have to pay taxes on the property
you own the house
you can sell the house
no more month payments
8
Financial planning helps individuals to:
have strategies for saving and investing
eliminate risk on investments
guarantee future income
achieve all goals by set target dates
9
The goal of a budget is to
save money
balance expenses and income
10
Gift cards might have an inactivity fee
False
True
11
How can you increase your net worth?
decrease your liabilities
take out a loan
get a credit card
invest in stocks
12
Which of the following is consider a mandatory deduction
401 K
FICA
Health Insurance
403 B
13
How do you increase your home equity?
skip a payment
refinance
take out a second loan
pay your mortgage every month
14
Which of the following is considered a great investment
Cars
Shoes
stamps
Education
15
Which of following is
NOT
considered a fixed expense
Groceries
Mortgage
Rent
Car Note
16
United States currency is considered
Commodity
Fiat
Representative
Monopoly
17
Time value of money
value of money decreases over time
value of money remains the same over time
value of money increases over time
18
Which of following are
NOT
an employer sponsored retirement account
IRA
401K
403 B
19
One of the benefits of holding an investment for over a year is that the
money earned on the investment will be considered tax-free
I don't know!
fees will not be charged when you sell it
capital gains will be taxed at a lower rate
20
How much did this employee take home?
$800.00
$581.97
21
Expenditures that remain constant from one time period to another are:
Current expenses
Fixed expenses
Variable expenses
Steady assets
22
surplus means you do not have enough
True
False
23
Debt ratio shows the relationship between debt and net worth. The lower the ratio the
more liquid assets the person has.
worse off financially the person is.
better off financially the person is.
less liquid assets the person has.
24
You realize you are going over your budget, which expense can you change/modify
Fixed Expense
Variable/Flexible
25
You can set up an Individual Retirement Account at
a real estate agency
a small loan company
an insurance agency
a bank
26
If you have a dispute about your credit report, you first contact
the bank
credit union
the company
credit bureau
27
How much is this employee make this year?
$581.97
$800.00
$10,800.00
$3,373.83
