2024 Personal Finance Review

Front

Which is correct? Options: Special Maintainable Acheviable Realistic Time-bound, Specific Maintainable Actual Realistic Time-bound, Specific Measurable Acheviable Relevant Time-bound

Back

Specific Measurable Acheviable Relevant Time-bound

Front

What is the average propensity to consume? Options: avg. propensty to consume=% of income spent, avg. propensty to consume=% of income saved, avg. propensty to consume=% of income invested

Back

avg. propensty to consume=% of income spent

Front

What two factors influence your attitudes and beliefs? Options: Family and Money, Experience and family, Religion and Experience

Back

Experience and family

Front

What are the 4 mandatory payroll deductions? Options: Federal income tax, Sales tax, Property tax, FICA, Payroll tax, FICA, Local income tax, State income tax, Federal income tax, State income tax, FICA, Local income tax

Back

Federal income tax, State income tax, FICA, Local income tax

Front

What form is received from each employer summarizing pay and taxes for the prior year?

Back

Form W-2

Front

What reduces the amount of tax that you owe? Options: Tax deduction, Individual income tax, Tax credit

Back

Tax credit

Front

How to start saving? Options: Put your money in a savings institution, make a budget, all of the above

Back

all of the above

Front

When to start saving? Options: Never, live on the edge., Once you need the money, Early and Often

Back

Early and Often

Front

What is compound interest?

Back

Adds interest earned to your balance then uses the new balance to calculate interest.

Front

How much should you put in your emergency fund?

Back

Set aside 3-6 months of your fixed expenses for emergencies.