The main goal of personal financial planning is:
Achieving personal economic satisfaction
The stages that an individual goes through based on age, financial needs, and family situation is called the:
adult life cycle
The study of how wealth is created and distributed is:
Attempts to increase income are part of the ______ component of financial planning
The ability to convert financial resources into usable cash with ease is referred to as:
The problem of bankruptcy is associated with poor decisions in the _______ component of financial planning.
A question associated with the saving component of financial planning is:
Do you have an adequate emergency fund?
When an individual makes a purchase without considering the financial consequences of that purchase, they are ignoring the aspect of financial planning:
As Jean Tyler plans to set aside funds for her young children's college education, she is setting a(n) ______________ goal
The first step of the financial planning process is to:
Analyze your current personal and financial situations
The uncertainty associated with decision making is referred to as:
The financial planning process concludes with efforts to:
Review and revise your actions
Changes in income, values, and family situation make it necessary to:
Evaluate and revise your actions
John Garic has just moved into a new house and needs a lawn mower since he has always lived in apartments and now he has a lawn to mow. What type of goal would this be for John?
A _______ is an employment position that is obtained mainly to earn money.
A commitment to a profession that requires continued training and offers a clear path for occupational growth is a(n):
The first step to career planning process is to:
assess your interests, abilities, and goals.
The final step of the career planning process is to:
Plan for career development
A lack of willingness to accept a variety of employment positions is a common career planning mistake associated with weak:
Efficient work habits are an example of:
an employee's initiative
A common criticism of including a career objective on a resume is that it:
may be too vague
The education section of a resume should include:
Tom Husson recently coordinated a fund raising project for an organization that assists homeless youth. This would most likely be an example of experience in _______
Obtaining financial planning and budgeting skills
Special class projects can be presented on a resume as ___________ experience.
A chronological resume presents personal data based on:
A __________ resume presents a person's education, work experience, and other information in a reverse time sequence.
A __________ resume is designed to obtain a specific job.
For an entry-level position, a person's resume is likely to be:
Creative resumes or those with a gimmick are most appropriate for careers in:
The purpose of a cover letter is to:
apply for a job
An interview designed to reduce the number of candidates for a position to a workable size is a(n) ___________ interview
The purpose of a selection interview is to:
question candidates for a job in detail
Which of the following would likely lead to the most added income over an individual's working career?
Professional or doctorate degree
Which of the following would be a competency commonly associated with successful people?
All of the above.
The main purpose of taxes is to:
generate revenue for funding government programs
A taxpayer with a taxable income of 47,856 and a total tax bill of 5,889 would have an average tax rate of ____ percent
Money received by an individual for personal effort is _________ income.
Money received in the form of dividends or interest is __________ income
An expense that would be included in the itemized deductions of a taxpayer is:
real estate property taxes
Which of the following would qualify a person for an exemption when computing taxable income?
Most people pay federal income tax by:
having amounts withheld from income
A taxpayer whose spouse recently died is most likely to use the ______ filing status
qualifying widow or widower
Which type of tax expert would be of most value when you have a difference of opinion with the IRS?
The use of legitimate methods to reduce one's taxes is tax ______
Drew Davis earns 4,500 per month from his job at Cisco Systems; $900 is withheld from this amount each month for taxes. What type of tax is this most likely to be?
The storage of funds for future use is a purpose of _____ services
The purpose of a debit card is to:
transfer money electronically
Traditionally, the greatest victory of financial services has been offered by a
To avoid high fees for loans, a person should not borrow from a
In recent years, membership in credit unions has:
continued to increase
A financial institution organized for the main purpose of providing loans to purchase homes is a:
The business hours and location of a financial institution refer to the ______ factor of selecting a financial institution.
A saver will usually earn the highest rate with which of the following types of savings plans?
certificate of deposit
Savings compounded ______ would have the highest effective yield.
The Federal Deposit Insurance Corporation provides deposit insurance for:
Commercial banks and savings and loan associations
A ______ endorsement is especially useful when you are depositing checks.
which of the following is a deposit institution?
A credit union
Which of the following is not a deposit institution?
A life insurance company
Which of the following institutions is organized primarily to provide loans to purchase homes?
A mortgage company
Which of the following institutions makes loans based on the value of tangible possessions?
Which type of organization does not provide home mortgages?
Consumer Finance Companies
What type of account would you expect to provide the poorest yield?
A passbook savings account
What type of account would be considered the most liquid?
A checking account
A pawnshop with a monthly interest rate of 2.75 percent would have an annual interest rate of ____ percent.
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