PF Final Exam Review - December 2024

Front

The typical ways to invest are real estate, stocks, bonds, and

Back

Mutual Funds

Front

Liquidity is

Back

Assets which can be converted to cash quickly

Front

Is it true that bankruptcy is a legal process used to settle debts that cannot be paid off?

Back

True

Front

Assets are something you own?

Back

True

Front

Liabilities are something you owe?

Back

True

Front

What is another name for "Take-home" pay?

Back

Net Income

Front

The IRS is a Federal Agency that is responsible for:

Back

Collecting income and payroll taxes and enforcing tax law.

Front

Capital Gains taxes are paid on

Back

Investments that appreciate in value, i.e. income from stocks, gold that go up in value

Front

Interest is the

Back

The fee paid to borrow other people's money

Front

Gross Income is your income before

Back

all deductions including taxes, 401K, and various types of insurances.