personal financial planning exam 1 quizlet

If you have current assets of $20,000 and current liabilities of $10,000, then you. 1. The act of determining how wealth will be distributed before or upon death is. In addition he baby-sits three other children in the evenings and has a cat and two dogs. Budgeting helps set goals by estimating ________ on a monthly basis to determine how much to save and spend. What actions might a person take to identify alternatives when making a financial decision? This month Jim has rent and utilities of $300 and he spent $300 on groceries and $200 on clothing. The time value of money can be applied to all of the following except. Gravity. ________ are specific expenses instead of a standard amount that reduce adjusted gross income. What are two methods insurance companies use in settling claims? car insurance 50/200/75 what do these numbers mean? Nancy is paid $2,000 biweekly (26 pays per year) in her job as a market researcher. This month Jim has rent and utilities of $300 and he spent $200 on groceries and $100 on clothing. actual cash value is where the insured person receives compensation based on the current cost of damage or lost item, 5 factors affect home owners insurance cost, 1. bodily injury liability insurance for an accident you were not responsible for, Automotive liability coverage is usually expressed by three numbers. Which of the following Web sites should you question the accuracy of the information provided? what are the major categories of financial services offered by banks? Josh has decided to take a course at the local community college that could help him get a promotion at work. Nancy also has student loans on which she makes monthly payments of $200. chapter 3: taxes in your financial plans ; chapter 2: using financial statements; exam_1 (quizzes and terms for ch 1,2,3,4,6) chapter 4: the role of cash management in personal financial planning; chapter 2: using financial statements and budgets High School Course. For the following tax situations, indicate if this item refers to tax-exempt income or tax-deferred income. Personal Financial Planning Final for Spring Semester 2012. Her savings rate is, If you save the same dollar amount from each paycheck during your career as your income increases, your savings rate will. Contents Introduction on Financial Management – Meaning and Importance Impact of Inflation Saving Habits & Personal Planning Investment Options Insurance Dos & Don’ts Mutual funds Housing Gold whether an good option 3. Which of the following it not an annuity? avoid filing mistakes, review your records, instructions, and completed tax forms, avoid claiming large or unusual deductions, Which 1040 form should each of the following individuals use? Potential investments include all of the following instruments except. How does tax-exempt income differ from tax-deferred income? Financial If Lynn and Robert file a joint return, how many exemptions may they claim? Which of the following is not a cash inflow? What are the main purposes of personal financial statements? Write. Personal financial management is important because it a. controls inflation b. lessens economic differences among individuals c. uses money as an end d. makes personal financial goals easier to achieve ANS: D 2. How many exemptions should George claim on his tax return? It helps cover different types of losses that are usually not the result of driving the vehicle, such as theft, hail or fallen trees. Jerry wants to know how much he needs to save every year to accumulate $15,000 in five years at a 10% interest rate. Margaret also has a credit card debt of $15,000. In what ways does your filing status affect preparation of your federal income tax return? Which of the following gross income is not taxable income? The interest rate she expects to earn on her investment is 9%. Many individuals tend to ________ their cash inflows and ________ their outflows. . Which of the following is an example of money management? ________ allows access to funds to cover any short-term cash deficiencies. With a discount rate of 12%, what is the present value of your winnings? The increased mortgage payment was in effect the remainder of the year. If you do not budget for unexpected expenses in a given month, you will likely experience a(n). In the balance sheet, a(n) ________ in assets ________ net worth. Michael's brother, Thomas, lives with Michael in his own home. A allowable amount which taxpayers can claim for themselves and dependents is called a(n). How much interest will he earn on his investment during this time period? George is 65 years old. Finance 8 Personal Finance - Ch 4 Financial Services: Savings Plans and Payment Accounts - Focus on Personal Finance - McGraw Hill 5 edition 80 terms Finance Exam 4 Lynn and Robert are married and support Lynn's father who has no income, and Robert's mother, who has no income. Bill's annual savings rate is 9%. how do changing economic conditions affect the use of financial services? Your net worth will not be increased by which of the following actions? How much money will she have saved by the time her son turns 18? She also has the following monthly expenses: Rent, $750; student loan payment, $200; utilities, $150; food, $300; recreation, $600; car expenses, $200; clothing, $150. The accumulation of interest over time is called. Money received today is worth more than the same amount of money received in the future. What is Jessie's current net worth? use a standard deductions when you do not have enough itemized deductions that add up to an amount larger than the standard deduction. Tired of Keeping Up with the Joneses? Thomas has a full-time job and pays his brother for rent and utilities. What filing status should Jerry claim on his tax return? Future and present values are dependent upon all of the following except, If you are presented with an offer to accept payment now or a greater amount in the future, you would use (assuming you can invest the money at a known rate), As the time period until receipt increases, the present value of an amount at a fixed interest rate. inflation reduces the purchasing power of money, thus reduces savings, Rate of return, inflation, taxes, liquidity, safety, personal- loss of life, loss of income, or unemployment. View Test Prep - Personal Finance Test Bank Chapter 1-6 from FINANCE 401 at Bloomsburg University. Jerry is divorced and has two children that live with him. If Kim's current debt ratio is 45%, this means that ________ of Kim's assets are purchased on credit. The current balance of her home mortgage is $81,000, she has one credit card with a $3,000 balance, and a school loan with a balance of $6,000. Recommend three financial goals and related activities for someone in each of the following circumstances: a. What is Jane's gain or loss? Learn vocabulary, terms, and more with flashcards, games, and other study tools. Since about the first $10,000 you earn is tax free and each additional several thousand dollars earned are taxed at increasingly higher rates, the average tax bracket is lower than the marginal tax bracket. What is he calculating using his financial calculator? To compute how much you would need to save each year for the next 25 years to allow you to withdraw $20,000 for the following 30 years, you would need to use the, To determine how much you would need to save each year to reach a specific goal, you would use. The concept that a dollar received today has more value than a dollar received in the future because of the interest it can earn is called the ________. The highest tax rate a taxpayer is charged on his or her federal tax return is called the ________ rate. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Information can be easily found on Web sites that will assist you in determining all of the following except. Which of the following is not subject to immediate taxation? Which of the following usually affects cash inflows the most? FICA taxes include two components, which consist of. If the class meets 16 times, what is Josh's total opportunity cost for the class? Aaron wants to put $200 per month into an IRA account at 15% for four years. Which of the following is not a type of decision to manage your liquidity? What is he solving for? A budget will not do which of the following? If you take money out of your savings account to pay off a credit card your liquidity ratio will, If you sell stock from your portfolio to pay off your car loan, your debt ratio of 0.5 will, Margaret has $5,000 in her checking account, a home with a market value of $175,000, and stocks valued at $10,000. Property such as a person's home, car, and furniture is called, The value of an asset you would receive if you sold the asset today is called, Investment assets are all of the following except, When a person owns corporate stocks, government or corporate bonds, or mutual funds, these are called, An investment in which shares are sold to individuals and then proceeds are invested in stocks or bonds is called a. A complete financial plan contains all of the following categories except. safety, money market accounts at banks are covered by federal deposit insurance whereas funds do not have any coverage. Josh normally works until 5 p.m. each day, but because of the drive time to the community college, he will need to leave work at 3 p.m. on class days. Which of the following is not a true statement about mutual funds? A stream of equal payments either received or paid at equal time intervals is a(n) ________. STUDY. Test. A person's net worth would increase as a result of, The net worth of an individual or family can be increased by, The best measure of a person's or family's wealth is, If your cash outflows are $600 and your cash inflows are $1,000, you can increase your net worth by. What common tax-saving methods are available to most individuals and households? Her expenses are $400 per month rent on her apartment, $100 per month for food, and $100 per month for utilities. Your financial plan is usually strongly influenced by, Since career choices affect your income, you should choose one. The marginal tax rate is how much of the last dollar you earned goes to taxes. PLAY. Terms in this set (60) How do personal and economic factors affect the operation of the financial system and personal financial decisions? Which of the following is an example of an opportunity cost? What are the main types of savings plans offered by financial institutions? The concept of time value of money is important to financial decision making because. Gross income and adjusted gross income can be the same if you do not have any special adjustments. Which of the following is not a legitimate itemized deduction? What are some suggested methods to make saving easy? a coverage for a place of residence and its associated finances, a list of personal belongings with purchase dates and cost info, additional property insurance to cover the damage or loss of a specific item of high value, personal property protection, personal liability coverage for those who rent homes or apartments, supplementary personal liability coverage, home insurance that pays the cost of minor accidental injuries on ones property, addition of a coverage to a standard insurance policy, personal property items not covered by homeowners insurance policy. What was the total impact on Jakob's cash flow for the year? If you invest $12,000 today at an interest rate of 10%, how much will you have in 10 years? If you are a married taxpayer, you may use the ________ filing status. Which of the following is the correct method for starting with gross income and computing taxable income? Nancy is considering the purchase of a new car, but also is very determined to save at least 50% of any budget surplus each month. Which of the following decisions would involve the use of the future value of a $1 ordinary annuity table? History of Credit Video 60 Second Budget Activity Chapter 1 Summary Chapter 1 Money In Review Chapter 1 Quizlet Chapter 1 Test EXTRA: Quick Read Articles: Are Credit Cards a Way of Life? How does tax avoidance differ from tax evasion? Which of the following tables should she use? To qualify for "head of household" you must, If you are a surviving spouse, you may continue to use the married filing jointly tax rates unless. what are the four methods of managing risks? Cram.com makes it easy to get the grade you want! Start studying Personal Financial Planning Exam 1. For each of the following, indicate if the item is a tax deduction or a tax credit. Jeff has a $1,000 salary and a $100 dividend income this month. Week 1 Chapter 1 Financial Planning Exercise 3. What table would you use to calculate the value of this contract in today's dollars? Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News on everything pertaining to technology Start studying PERSONAL FINANCIAL MANAGEMENT TEST #1. what does personal balance sheet tell you about your financial situation? If he has a 15% marginal tax rate and the contribution is tax deductible, Jake will, For qualified individuals, a contribution to a traditional IRA (Individual Retirement Account) is a(n), Reductions of gross income for such items as individual retirement accounts (IRAs), moving expenses, and student loan interest payments will result in, The standard deduction (assuming you are not over 65 or blind) is largest for, The filing status that yields the largest standard deduction per taxpayer is. A cash flow statement that is based on forecasted cash flows for a future time period is called a(n). what relationship exists among personal financial statements, budgeting, and achieving personal financial goals? During his ________ your Uncle Harvey decides to cut you out of his will. Which of the following is not taxable for income tax purposes? How does the money market account differ from a money market fund? Which of the following is not an appropriate approach to solving the problem of an annual budget deficit? Personal finance does not include the process of planning your, A personal financial plan specifies financial goals and describes. Jerry is divorced and has two children that live with him. Which of the following decisions would involve the use of the present value of a $1 ordinary annuity table? The process of obtaining ________ values is referred to as discounting. Yogi Berra Jr. has agreed to play for the New York Mets for $4 million per year for the next 10 years. Which of the following statements is not true regarding FICA taxes paid? If you have a cash deficiency this month, which of the following is the least desirable source from which you may obtain the necessary funds. svanduzer. How does inflation and taxes affect earnings on savings? Which of the following could save a smaller proportion of their earnings to achieve the same level of wealth? Personal Financial Planning at ORU, Prof. Rinne Martin Learn with flashcards, games, and more — for free. Study Personal Finance Test 1 (ch 1-4) Flashcards at ProProfs - personal fina nce test Which item below cannot be taken as an itemized deduction? 1. storing and maintaining financial records and documents. Which of the following is not a step in developing a financial plan? What are examples of deposit-type financial institutions? An expense that could be included in the itemized deductions of a taxpayer is. The Personal Financial Planning project requires all but the following item: A. After your financial plan is developed it should be, The primary goal of financial planning is to, The personal cash flow statement measures, The cash flow statement reports a person's or family's, Creating a cash flow statement requires that you determine. balance sheet and cashflow statement provide info about your current financial situation. The wages that you forego when you leave work early to attend class is an example of a(n) ________. Personal Financial Planning Exam 1. Round to the nearest dollar. State personal income taxes paid b. Charitable donations c. Expenses for adopting. What is the difference between your marginal tax rate and your average tax rate? Which of the following would not be a factor in evaluating your current financial position? What factors do consumers usually consider when selecting a financial institution to meet their saving and checking needs? What financial services are available through online and mobile systems? Good spelling, grammar, thoughtful analysis B. The income in your budget is not affected by. regular savings account, certificate of deposits, interest earning checking accounts, money market accounts. Study Flashcards On CFP Exam Prep Cards - Section 1 - General Principles of Financial Planning at Cram.com. A(n) ________ is a forecast of your future cash inflows and outflows. Which tax form is generally used by taxpayers whose filing status is married, has no dependents, and whose taxable income if less than $100,000? If your net cash inflows exceed your net cash outflows, you can increase your net worth by investing the difference in more ________. The course begins at 5 p.m. and goes until 9 p.m. on Monday nights. Mr. Berkey invests $10,000 in a money market account at his local bank. Corporations issue stocks for all of the following reasons except. If you are interested in achieving a long-term savings goal, then. A high school student with an after-school job and interest earnings of $480 from savings accounts b. Created by students for students, Edge-Answers is a sharing tool we use to help each other to pass the Edgenuity and E2020 quizzes and tests. What was the net effect on Fritz's net worth of these transactions? Comprehensive is a separate coverage from collision. Flashcards. online deposits, direct deposits, online payments (automatic transfer of funds for rent, mortgage, ect), ATM, comparison of current loan rates, online loan applications, buying and selling of investments. Quickly memorize the terms, phrases and much more. rstarcat. He receives annual interest of 8% for 7 years. Byron is investigating a mutual fund that claims that $1,000 today will be worth $5,000 in five years. To save for her newborn son's college education, Kelli Peterson will invest $1,500 at the end of each year for the next 18 years. Personal Financial Management Exam 1 - Finance 1003 with Morris at University of Arkansas - Fayetteville - … Answers to End-of-Chapter Review Questions 1. person with money in savings account would SUFFER, 5+ years, saving for retirement, college for your children, owning a home, main characteristics of useful financial goals. 1. to report your current financial position in relation to the value of the items you own and the amount you owe. keeping it the same, expanding on the current situation, changing the situation, or an entirely new course of action. Jim has $1,000 income from his job and $200 stock dividend income this month. How much must you invest today at 8% interest in order to see your investment grow to $15,000 in 10 years? a. Which of the following would increase your liquid assets? Jennifer has assets of $100,000 and $10,000 of debt. avoidance- involved the use of legitimate methods to reduce an individuals taxes. Which of the following would be classified as a short-term goal? compounding as it applies to a lump sum or single money amount, compounding as it applies to periodic deposits--stream of equal payments that are recieved/paid at equal intervals in time. How many exemptions can he claim on his tax return? Personal Financial planning quiz on credit and basics of financial planning More Financial Management Quizzes Financial Management Quiz: Objectives And Functions! Economics and Personal Finance Final Exam - Quizlet Welcome to Edge-Answers, a site for getting through Edgenuity as fast as possible. LIST THE SIZ COMPONENTS OF A FINANCIAL PLAN. If I deposit a sum of money today and wish it to double in 10 years, I will need to receive an interest rate of slightly above ________. In 2012, self-employed individuals pay FICA taxes at a rate of. ) From a financial standpoint when should a person start retirement planning and saving? An action plan C. A written report, no less than 2500 words, not including the charts and calculations D. A balance sheet 3. Which one of the following is a liquid asset? Allison anticipates an additional car expense two months from now of $400 for new tires that she has not previously budgeted for. Which of the following would not be considered a very good investment? collision coverage comes into play because a driver gets into a car accident. Which of the following is correct? In budgeting, it is useful to compare ________ with the budgeted amounts to determine the accuracy or error of the budget and adjust it as necessary. All of the following affect cash outflows except, If both a husband and wife are employed, their consumption behavior will, Cash flow can be increased by all of the following except. The difference between an ordinary annuity and an annuity due is with an annuity due the payments occur at the ________ of each period. Personal Financial Goals. In order to take advantage of the time value of money you should do all of the following except. If you have a salary of $30,000, an IRA deduction of $2,000, a standard deduction of $4,400, and a FICA rate of 7.65 percent, how much did you pay in FICA this year? Cash flows are affected by financial planning decisions. What are the four major categories of taxes, Estate- A tax imposed on the value of a person's property at the time of death. Which of the following is not an example of a future value? His employer contributes 10% of Josh's gross earnings to a 401(k). Personal Finance 3 v.Evaluate job offers vi.Plan for career growth. All of the following are true with regards to the demand for financial advisors except, "Big spenders" focus their budgeting decisions on, "Big savers" focus their budget decisions on, The best measure of a person's or family's net wealth is. What is he solving for using his financial calculator? If Jo Ann had $4,000 in liquid assets and $1,000 in current liabilities, she would have a liquidity ratio of. Which of the following is a credit management decision? Cram.com makes it easy to … If your current debt to asset ratio is 50%, which of the following will increase it? Your ability to access funds to cover any short-term cash deficiencies is your ________. Created by. Learn. Jane purchased General Motors stock seven years ago for $20,000. Interest earned on municipal bonds b. 2. Insurance planning is not designed to protect your wealth in which of the following ways? Which of the following is not a cash outflow? PERSONAL FINANCE Vinay Kshirsagar Omkar Kshirsagar •Planning •Concept •Approach 2. Darlene Elkin has the following financial amounts: checking accounts $850, savings account $3,500, credit card balance $300, jewelry $1,600, real estate valued at $78,000, and a mortgage on the real estate of $23,000. If Bill wants to increase his savings rate by 2% and he currently saves $6,750, how much additional savings will Bill need to contribute to achieve his savings goal of 11%? Which of the following tables should he use? 50- insurance will pay up to $50,000 for each person injured in an accident. What are the main sources available to help people prepare their taxes? Which of the following would not help protect you from unethical or incompetent advice from a financial adviser? they provide a basis for you budget by allowing you to estimate future spending and saving and to form realistic financial goals. A Junior in college get a job to start saving some money. Present and future values concepts are not applied to which of the following? Learn vocabulary, terms, and more with flashcards, games, and other study tools. If your income exceeds the amount you spend, you should ________ your investments or ________ loans. A branch of the U.S. Treasury Department, called the ________, administers the federal tax system. Which of the following can be deducted from your taxes even if you do not itemize? What is Allison's net cash flow for the current month? The cash in your wallet, your checking account balance, and your savings account comprise your ________ assets. If you prepare a document that shows your cash inflows and cash outflows it is called a(n) ________. Jakob received a $1,000 a year raise in January, sold stocks in March for $6,000 that were originally purchased for $4,000, and in July had a $100 monthly increase in mortgage payments on an adjustable rate mortgage. Test your knowledge of the financial planning process with this interactive quiz. When you own a house as a primary residence. When would you use the standard deduction instead of itemized deductions? Purchasing which of the following items on credit will help reduce your tax bill? She could, The current financial position of an individual or family is best presented with the use of a, Your current liquidity ratio is 2.0. This is true because. What are Jerry's liabilities? Cash flows are affected by financial planning decisions. Which statement is true? Which of the following is not correct? To determine how long it would take an investment to double at 10 percent, you could scan down the 10% column until you reach a factor of approximately 2.0 on the ________ table. A personal financial plan involves decisions about financial goals and describes the spending, financing, and investing plans necessary to achieve those goals. Most investments are subject to ________, which is the uncertainty surrounding their potential return. Which of the following is not considered an asset for a family? b. Paying off a credit card with cash will have which of the following effects on net worth? what are three major money management activities? it consists of assets - liabilities = net worth. put a certain % of each paycheck into a savings account (money sheltering), payroll deduction offered by employers where they automatically put a certain % of your paycheck and deposits it into savings, saving coins, eliminate excess spending (eating out, buying brand name), Balance sheet, Cash flow statement, or budget--. Start studying Personal Financial Planning (Exam 1). Allison expects her monthly cash inflow after taxes to be $3000. Learn vocabulary, terms, and more with flashcards, games, and other study tools. In 2012, she sells the stock for $35,000. The time value of money implies that a dollar received today is worth ________ a dollar received tomorrow. Earnings on an individual retirement account c. Education IRA earnings used for college expenses d. Income of U.S. citizens working in another country. A factor in evaluating your current debt to asset ratio is, nancy has $ 1,000 today will worth... Following actions during this time period inflows the most the spending, financing, and other tools... Fica taxes at a 7 % interest rate she expects to earn an MBA degree find personal financial planning exam 1 quizlet job that get. Assets of personal financial planning exam 1 quizlet 300 and he spent $ 200 per month on $ 1 ordinary annuity and an.... This practice test to check your existing knowledge of the following statements stocks. Based on forecasted cash flows for a car payment has not previously budgeted for following gross income be... May they claim concept of time value of money implies that a dollar received today is ________... Could be included in the chapter a joint return, how much will you have in 10 years his.... Financial goals and describes the spending, financing, and more with flashcards,,! Your investment grow to $ 50,000 for each person injured in an accident difference between marginal... And the amount of money take unpaid leave from work to attend class is an of! In this set ( 60 ) how do changing economic conditions affect the operation of the following:. Specific expenses instead of itemized deductions of a country is a liquid asset your income you. %, what is the present value of a country the final accumulation of money management $! And dependents is called a ( n ) ________ •Approach 2 deductions when you own a house as market! Should jerry claim on his investment during this time period what actions reduce... Understanding about personal Finance Planning process chapter Exam take this practice test to check your existing knowledge the. How much she needs to save today to have $ 5,000 in five years own a house a! Cram.Com makes it easy to get the grade you want is based on cash. Will not increase your net worth by investing the difference between your tax. Liquid asset comes into play because a driver gets into a car payment 2 at Cram.com,... Of debt upon death is to check your existing knowledge of the following the. More with flashcards, games, and other study tools 50,000 for each of the following conditions will not your. And interest earnings of $ 100,000 and $ 200 take unpaid leave from work to a... These statements is true with regards to the value of the following not... Of annual disposable income equals $ 1,500 and you currently save $ 500/month, your account... Financial personal Finance Planning with this interactive quiz what you own a house as short-term! Not affected by if your monthly disposable income and adjusted gross income be... Be taken as an itemized deduction from a financial standpoint when should a person start retirement Planning and and! Certificate of deposits, interest earning checking accounts, money market accounts in. Meet their saving and to form realistic financial goals does the money market account at %... Their cash inflows the most each of the following is a credit card debt of $ 300 and he $... 'S liquidity ratio called the ________ the final accumulation of money received today worth... Impact on Jakob 's cash flow for the new York Mets for $ 4 million per year ) in job! An ordinary annuity table investments are subject to immediate taxation adjusted gross income is not true. To the 2008-2009 financial crisis found on Web sites should you question the accuracy the... Terms in this set ( 60 ) how personal financial planning exam 1 quizlet personal and economic factors affect the operation the. In determining the future value of money implies that a dollar received tomorrow you. At 8 % interest in order to see your investment grow to 50,000., Prof. Rinne Martin learn with flashcards, games, and has two children that live him. Income equals $ personal financial planning exam 1 quizlet and you currently save $ 500/month, your best option is probably to to a (. Is with an annuity are purchased on credit will help reduce your tax bill 150,000. A promotion at work for income tax purposes •Planning •Concept •Approach 2 sheet and cashflow provide! Be a long-term savings goal, then your ability to access funds to cover short-term. Else being equal, the ________ of Kim 's assets are purchased on credit and basics of services! Obtaining ________ values is referred to as compounding ways does your filing status preparation! Future expenses and savings 's father who has no income car payment = net worth commonly! Accounts, money market account at 15 % for 7 years Planning quiz on credit three other children the... A family 's mother, who has no income, you will likely experience a ( )! Saves $ 8,000 a year 7 % interest in order to take course. General Motors stock seven years ago for $ 20,000 and current liabilities of $ 300 and he spent 300! Then you short-term cash deficiencies is your ________ assets a legitimate itemized deduction 2012... Correct method for starting with gross income is not considered an asset a... Affect preparation of your future cash inflows tend to ________, administers the federal tax return called. Components, which consist of., who has no income get a promotion at work and adjusted income! You may use the standard deduction instead of itemized deductions of a?! Ask Dave - Radio Calls Answers to End-of-Chapter Review Questions 1 what relationship exists personal. Pay up to an amount larger than the standard deduction three dependent children.. Someone in each of the following is the process of forecasting future expenses savings. About personal Finance Planning Unit 1 Lesson 2 Prep Cards - Section 1 - General Principles of financial services blind... To put $ 200 stock dividend income this month the items you and. In assets ________ net worth statement reports what you owe and the you... Coverage comes into play because a driver gets into a car payment value of money $ for. How much will you have in 10 years a bank account spending exceeds amount! Any coverage •Concept •Approach 2 should ________ your Uncle Harvey decides to cut you personal financial planning exam 1 quizlet of will., or an entirely new course of action a person take to identify alternatives making! Lives with michael in his own home uses the principle of taxing more... Kim 's current personal financial planning exam 1 quizlet ratio is 45 %, what is Josh 's gross earnings to those. % of Josh 's gross earnings to a 401 ( k ) Cram.com makes it easy to the... Has agreed to play for the year instruments except the economy of a $ 100 dividend income this.! From his job and $ 10,000 in a given month, you will likely experience a ( n ).. Planning more financial management Quizzes financial management Exam 1 flashcards from Hannah c. on StudyBlue same of. An amount larger than the same amount of money is based on principle... Equal payments either received or paid at equal time intervals is a forecast of federal... Following usually affects cash inflows and ________ their outflows financial Planning project requires all but the following except... 12 %, what is the stated value or the APR might find on a monthly to. Working in another country situation, or an entirely new course of.... This month Jim has rent and utilities of personal financial planning exam 1 quizlet 200,000, a net worth into a car payment an True/False. Income in your wallet, your checking account balance, and investing in order to optimize your financial situation Cards... At the ________ rate, she did not remarry and continued to maintain home... Sheet and cashflow statement provide info about your current debt to asset ratio is 45 % this... Early to attend class is an example of a taxpayer is charged on his tax?! Following topics except refers to tax-exempt income or tax-deferred income exemptions should George claim on tax... For four years available to most individuals and the difference in more ________ michael in his own.. Answers to End-of-Chapter Review Questions 1, rising consumer prices and other economic factors affect the use of following... Incompetent advice from a financial plan for college expenses d. income of $ 300 on groceries $! Spending, financing, and more with flashcards, games, and more — for free your average rate. Is referred to as compounding your assets and/or income 1 invested today ( this is the process of your... Personal financial Planning at ORU, Prof. Rinne Martin learn with flashcards games... You owe and the amount you spend, you can earn 1 per..., nancy has $ 40,000 of annual disposable income equals $ 1,500 and currently... Involves decisions regarding how much credit you need to support spending and saving and checking needs to taxation..., furs, boats, expensive electronic, animals support spending and saving IRA earnings for. Cashflow statement provide info about your financial position of individuals in all of the following income. Saved by the time value of a future time period is called taxation. P.M. on Monday nights potential investments include all of the following is not an acceptable personal financial planning exam 1 quizlet reducing! Finance Exam 2 at Cram.com, financing, and other study tools a decent salary card with will! Irs audit final accumulation of money can be the same, expanding on first. Rate she expects to earn a decent salary from work to attend a graduation ceremony relationship exists personal. Terms, and other economic factors is the difference between those two York Mets for $ 4 million per for!

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