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Dave Ramsey Ch11 Personal Finance: Careers & Taxes Flashcards | StudBud
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Dave Ramsey Ch11 Personal Finance: Careers & Taxes
Dave Ramsey Ch11 Personal Finance: Careers & Taxes
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Dave Ramsey Personal Finance Course Chapter 11 quiz review questions
Flashcards
36 cards
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Practice quiz
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Host live
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Questions
36
Answers
1
Goals should be challenging but attainable
False
True
2
The process by which we “market” ourselves to others.
Personal Branding
Portfolio building
Bragging
3
Which of the following should be important when it comes to selecting your career path?
what you are good at
None of the above
what your interests are
what you are passionate about
4
When applying for a job, you should:
Provide a resume and cover letter
All of these
Present yourself well
Follow up with the employer
5
Early work experiences prior to your career job have no benefit other than providing an income.
FALSE
TRUE
6
This tax includes Social Security and Medicare.
Deduction
FICA (Federal Insurance Contribution Act)
Sales Tax
Income Tax
7
Federal program funded by taxes that provides retirement, unemployment, and disability benefits
401K
Medicare
Social Security
Obamacare
8
Things like 401K, health care, and other optional accounts are all considered ___ on a paycheck
Deductions
Gross Pay
Taxes
9
Main source of revenue for local governments
sales tax
property tax
income tax
excise tax
10
Taxes paid on things like house, land, commercial real estate, or automobile
Estate Tax
Wealth Tax
Income Tax
Property Tax
11
When a company hires you, you will fill out a ______ form.
W-2
Paycheck
1040EZ
W-4
12
Sales tax and excise tax are both taxes on:
wealth
consumption
income
property
13
Goals should have time limits
True
False
14
The government relies on taxes to:
Pay for services like roads, education and social services
Remind citizens of the governmentʹ s power
Burden the public with an extra expense
All of the above
15
Any income (wages/salary) that is generated by physically working on a job.
Passive Income
Net Income
Earned Income
Portfolio Income
16
The day that income tax filings are due in the United States. i.e. "Tax Day"
June 15
December 1
January 1
April 15
17
You should expect to achieve same standard of living as your parents as soon as you graduate
False
True
18
IRS (Internal Revenue Service) is federal agency responsible for
unemployment
filling out your tax forms
writing tax laws
tax collections and law enforcement
19
When it comes to mentoring, you should NOT:
Find and keep a single mentor
Continue the mentor cycle by becoming a mentor yourself
Follow through and act on what youʹ ve learned
Choose wisely
20
With the current job market, most people on average
work in several career paths
all of the above
only work in 1 career path
none of the above
21
Which of the following statements about taxes is
FALSE
?
Taxes on your paycheck are Federal, State, and FICA.
Investment income is not taxed.
Property Tax is a tax on wealth
Taxes on alcohol, cigs, and gasoline are "consumption taxes"
22
Which of the following is a characteristic(s) of an
effective
personal goal?
It should be determined by your friends or parents.
It should be measurable and specific.
It should be easy to accomplish.
It should be vague.
23
More education and work experience leads to better income and choice of jobs (in general)
FALSE
TRUE
24
Money earned on a regular basis with little or no effort required to maintain it.
Protected Income
Potential Income
Portfolio Income
Passive Income
25
During your 1st interview with a company, you should
Ask about salary
Be personable
Show interest
Bring extra copies of your resume
26
You should share your goals with the people closest to you
False
True
27
An account of professional or work experience and qualifications, submitted with an application
resume
introductory letter
cover letter
references
28
After you have written a goal, you should put it away and take it out in a year to check it.
True
False
29
What you earn, before anything is taken out =
Net Pay
Gross Pay
Wealth
I have no idea
30
Taxes on goods and services; usually go to state and local governments.
Sales Tax
Property Tax
Estate Tax
Income Tax
31
Income generated by selling an investment at a higher price than you paid for it
passive income
portfolio income
Earned income
secondary income
32
What you "take home" after all deductions and taxes are removed =
I have no idea
Gross Pay
Wealth
Net Pay
33
The amount of money a career brings should be your first priority in selecting your career.
TRUE
FALSE
34
After a job interview you should wait until the employer calls you and not bother them.
Maybe
False
IDK
True
35
Taxes paid by anyone who earns an
income
.
Consumption Tax
Income Tax
Estate Tax
Sales Tax
36
You should only focus on one goal at a time
False
True
