Financial Planning
What is the first step to financial planning? =
a. Budgeting and income
b. Retirement
c. Financing
a. Budgeting and income
Working as a nurse describes what kind of income?
a. Passive income
b. Earned income
c. Capital gains
b. Earned income
What form helps determine how much federal aid you receive?
a. FAFSA
b. Scholarship
c. Assets
a. FAFSA
A list of all income and planned expenses
a. Asset
b. Budget
c. Financial plan
b. budget
9 is 90% of what number
a. 90
b. 10
c. 9
b. 10
In financial goals, do wants or needs come first?
a. What you want
b. What you will have in the future
c. What you need
c. what you need
Selling a car describes what kind of income? OFM 1.3
a. Capital gains
b. Passive income
c. Earned income
a. Capital gains
What is one benefit of a two year college?
a. Earning a bachelor’s degree
b. Degrees applicable to a wide spectrum of jobs
c. Earning an associate’s degree
c. earning an associate's degree
Income generated by a process in which the individual is not actively involved
a. Passive income
b. Liquidity
c. Capital gains
a. passive income
What % of 100 equals 80
a. 80
b. 8
c. 10
a. 80%
What is an example of a long range goal?
a. Paying utilities
b. Retiring by the age of 60
c. Increasing your income by $40 a week
b. Retiring by the age of 60
What type of income do you earn after deductions?
a. Gross
b. Net
c. Budget
b. Net
What is the first step to creating a plan for college?
a. Set a goal
b. Determine the amount of each deposit?
c. Start saving
a. Set a goal
Money coming in through wages, allowance or other sources
a. Income
b. Passive income
c. Budget
a. income
$60 is what percent of $75?
a. 80%
b. 60%
c. 75
What does it mean to have negative cash flow?
a. You earned more money than you spent
b. You spent more money than you earned
c. Your cash flow was positive
b. You spent more money than you earned
Which is NOT a deduction taken out of your income?
a. Social security
b. State taxes
c. Capital gains
An educational plan in which students alternate between studying for school and gaining work experience
a. scholarships
b. work-study program
c. grants
b. work-study program
Money received
a. Budget
b. Cash inflow
c. Capital gains
b. cash inflow
$2 is what percent of $10?
a. 50%
b. 2
c. 20%
c. 20%
What is an example of an immediate goal?
a. Creating a budget
b. Retiring by the age of 60
c. Saving $3,000 for college
a. Creating a budget
Which do you NOT need to consider when planning for a career?
a. What interests you
b. What skills you have
c. Work study program
c. Work study program
What's the difference between scholarships and loans?
a. Loans do not have to be paid back, and scholarships do
b. Scholarships do not have to be paid back, and loans do
c. Scholarships and loans both require applications
b. scholarships do not have to be paid back, and loans do
The ability of funds to be available for meeting immediate wants and needs
a. Capital gains
b. Cash inflow
c. Liquidity
c. liquidity
What is 60% of $35?
a. $14
b. $21
c. $12
b. $21