Chapter 1
fill in the blank: "One of the most important requirements for making personal finance decisions is knowing ________."
What is yourself?
fill in the blank: "Determine if your budget period should be weekly, biweekly, or _______."
What is monthly?
fill in the blank: "A __________ is income paid as a percentage of sales made by a salesperson."
What is commission?
There may be times when financial disaster strikes because of circumstances beyond your control. what is it talking about?
what is A personal financial crisis?
What are the three chapters talking about?
what is: Financial literacy, Personal Financing Planning, and Income and Taxes?
name three terms in introduction to Financial Literacy
financial literacy, personal financial planning, financial plan, need, want, consumer, good, service, values, value system, ethics, priority, standard, resource, goal
"In order to have cash available for unexpected emergencies, savings should be included in your budget. Pay yourself first is a personal financial strategy that can help you save money" how is this true?
what is: "By paying yourself first and putting money aside for saving, you begin building wealth for your future."?
What is every two weeks?
how many Taxforms are there?
what is three?
How many vocabulary terms are in Introduction to Financial Literacy?
What is 14?
define Needs and Wants
Needs are necessities a person must have to survive.
Wants are things that a person desires but can live without.
If you wish to take a camping trip in five months, estimate how much money you will need. If the trip will cost $360, figure out how much you will need to save per month or per week to pay for the trip.
What is $72 each month?
A growing proportion of the US workforce is self-employed. Unlike employees, who perform services for their employer, self-employed people work for themselves. What is this form of income commonly referred to as?
What is self-employment income?
fill in the blank:
earned income, wage, overtime wage, piecework, salary, commission, tip, bonus, payroll deduction, gross pay, ___ ___, Form W-4, FICA taxes, employee benefit, compensation, work-life balance
What is Net Pay?
You will receive a Form 1099-MISC if you earned income from what sources?
what is contracted work, royalties, unemployment compensation, and other sources of nonemployee income?
A ________ is a supply of something that can be used when needed.
What are Resources?
According to the IRS, “a charitable contribution is a donation or gift to, or for the use of, a qualified organization. It is voluntary and is made without getting, or expecting to get, anything of equal value.” what is this paragraph refering to?
What is A charity?
A Social Security number serves two major purposes, what are these purposes?
One, the Social Security Administration uses this number to keep a record of your covered earnings.
Two, the IRS also uses your Social Security number as a taxpayer identification number on all tax returns and forms.
fill in the blank: ________ ________ is the possession of a body of financial knowledge, a set of basic skills, and the ability to apply knowledge and skills to making informed, responsible financial choices.
What is Financial Literacy?
what are the three objectives in Personal Finance Landscape?
what is:
-Identify steps to develop a budget based on personal goals.
-Explain how to create personal financial statements.
-Discuss the benefits of creating a good recordkeeping system for financial documents.
-Explain how money management software can assist in financial planning.
"Even before applying laws of economics to help make financial decisions, one rule is obvious." What is this rule?
What is: "You do not want to spend more than you can afford."
fill in the blank: "A ____ ____ _________ is a summary of the amount of money received and the amount paid for goods and services during a specific period."
what is cash flow statement?
what does FICA stnad for?
What is the Federal Insurance Contributions Act?
The family life cycle consists of the stages a family passes through over its lifetime. What are the five stages?
What is beginning, expanding, developing, launching, and aging?
Name EVERY term in Introduction to Financial Literacy
financial literacy, personal financial planning, financial plan, need, want, consumer, good, service, values, value system, ethics, priority, standard, resource, goal