What is the sales tax?

A tax on goods and services purchased

Money subtracted from taxable income

A direct reduction of the amount of tax owed

What is the primary purpose of withholding taxes from a paycheck?

To prepay income taxes throughout the year

What is the key to effective communication?

Listening actively and responding clearly

An example of professional communication is:

Using respectful and concise language

Nonverbal communication includes:

Body language and facial expressions

Which of the following demonstrates professionalism in communication? Missing deadlines Interrupting others frequently Sending clear and polite emails Avoiding workplace discussions

Sending clear and polite emails

What is the main purpose of a checking account?

To manage daily financial transactions

A savings account is best used for:

Building emergency funds and earning interest

What is a benefit of online banking?

Access to account information 24/7

Overdraft protection helps:

Prevent transactions from being declined due to insufficient funds

What is the purpose of the Federal Deposit Insurance Corporation (FDIC)?

To insure bank deposits up to a certain limit

Bank reconciliation involves comparing:

Your bank statement to your personal financial records

Why is reconciling a bank statement important?

To identify errors or unauthorized transactions

A check that has been processed by the bank

When reconciling a bank statement, what should you do if you find a transaction you don’t recognize?

Report it to your bank immediately

What is an outstanding check?

A check written but not yet cleared by the bank

Professionalism in financial planning includes:

Communicating clearly and meeting deadlines

How should you handle a client’s financial questions?

Provide clear and accurate information

Which behavior demonstrates ethical professionalism?

Maintaining confidentiality of client information

The best way to build trust with clients is to:

Provide clear, honest communication and follow through on commitments

What should you do if you make a financial error at work?

Admit the mistake, correct it, and learn from it

Why is it important to dress professionally in the workplace?

To make a good impression and show respect

What should a professional email include?

Include clear subject lines and proper grammar

Which of the following demonstrates respect in the workplace?

Listening actively to others' ideas

In a professional setting, integrity means:

Acting honestly and ethically in all situations

Which of the following is the best example of a short-term financial goal? Saving for a down payment on a house Paying off a credit card balance this month Retiring at age 65 Starting a college savings plan

Paying off a credit card balance this month

A financial plan helps individuals by:

Setting and achieving financial goals

What is the '50/30/20' budgeting rule?

Spend 50% on needs, 30% on wants, and 20% on savings

What is the purpose of setting financial priorities?

To ensure spending aligns with personal goals

When should you start planning for retirement?

As soon as you start earning income

What is a certificate of deposit (CD)?

A type of savings account with fixed terms and higher interest rates

PFL Semester Test Flash Cards Flashcards

Student preview

46 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the first step in creating a budget?

Back

Tracking income and expenses

2.

FLASHCARD QUESTION

Front

A fixed expense is:

Back

A cost that remains the same every month

3.

FLASHCARD QUESTION

Front

Which of the following is an example of a variable expense?

Mortgage payment
Grocery bill
Car insurance
Property taxes

Back

Grocery bill

4.

FLASHCARD QUESTION

Front

Why is it important to save for emergencies in a budget?

Back

To cover unexpected expenses

5.

FLASHCARD QUESTION

Front

What is the recommended percentage of income to save each month?

Back

10%

6.

FLASHCARD QUESTION

Front

What is the purpose of income taxes?

Back

To fund government programs and services

7.

FLASHCARD QUESTION

Front

Which form is used to report annual earnings and taxes withheld?

Back

W-2

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