Personal Financial Statements
Budgeting
Taxes In Your Life
Filing Taxes
Terms and Definitions
100
What type of personal financial statement is shown above?
Balance Sheet
100
What was the budgeting acronym that requires your financial goals to be measurable, time-based, action-oriented, realistic, and specific?
S-M-A-R-T
100
What is a W-2 used for?
Filing Taxes
100
What are 3 ways to file your taxes?
- By Mail
- E - File
- Hire a tax professional
100
What is a budget deficit?
When actual spending is greater and the budget was exceeded
200
What is the difference between cash in flows and cash out flows?
Cash Inflows: The money you have available to spend as a result of working or from other income sources, such as interest earned on savings.
Cash Outflows: Expenditures. Reported on the second part of the cash flow statement
200
How should a budget be kept? (format)
In writing, or digital
200
What is a W-4 used for?
Determine income withholdings for tax purposes
200
Why is it not always considered a benefit to receive a tax refund?
The money you overpaid was being held and did not earn interest.
200
Investments, Jewelry, and Houses are known as what?
Personal Assets
300
What is the fundamental accounting equation?
Assets = Liabilities + Equity
300
What are the 2 types of living expenses you should consider when planning your budget?
Fixed - Expenses
Variable - Expenses
300
What are the 2 types of taxes charged on purchases?
Sales Tax, Excise Tax
300
What is the deadline to file a tax return?
April 15th
300
A tax on goods and services that is collected by the seller is known as what?
Sales Tax
400
What does a Cash Flow Statement calculate?
Net Cash Flow
400
Which of the following is not one of the 8 main budget categories?
Savings, Food, Clothing, Household, Pets, Transportation, Health/Personal Care, Recreation/Education, Gifts/Contributions
Pets
400
What are the 2 types of taxes charged on income?
Income Tax, and Social Security Tax
400
What is the name of the tax form filled out to file taxes?
1040
400
A charge imposed by a government to finance public services is known as what?
Tax
500
What is another term for Net Worht?
Equity
500
What does it mean to evaluate your budget?
All columns are totaled at the end of the month, and actual spending is compared with the budgeted amounts.
Helps to determine budget variance
500
What are the 3 types of taxes charge on wealth?
Gift Tax, Estate Tax, and Inheritance Tax
500
What are the 5 taxpayer filing status'?
- Single
- Married (filing jointly)
- Married (filing separately)
- Head of household
- Widowed
500
The day-to-day financial activities involved in using limited income to satisfy your unlimited needs and wants is known as what?
Money Management