Standard 1 - PFL

Front

Which of the following would have the least impact on one's income? Job or Career Choice, education and training, needs and wants, skills and entrepreneurship

Back

needs and wants

Front

Whether choosing a job or career, an important step is reviewing our skills, abilities, experiences, and interests because they will help determine how successful we will be. Those skills, abilities, experiences, and interests are called?

Back

human capital

Front

Sometimes the choices we make about our future requires making a _____. Basically, it means we choose to give up one thing in order to have more of another.

Back

trade-off

Front

Most people work for wages or salaries received on a regular basis. The income earned prior to deductions for taxes, employee benefits, and/or Social Security is called _____.

Back

Gross Income

Front

Some deductions are voluntary, but others are required. Which of the following is NOT an example of an optional deduction? health insurance, life insurance, retirement plans, federal and state taxes

Back

federal and state taxes

Front

Taxes deducted from your gross income are often called payroll taxes. One of the most common is FICA, also known as ___, which is a federal program providing benefits to the retired, disabled, and children of deceased workers.

Back

Social Security

Front

Which of the following is NOT a benefit from creating and maintaining a budget?
Budgets encourage smarter spending habits.
Budgets are a “one size fits all” plan for financial security.
Budgets help align what we spend with what we earn.
Budgets keep us from generating more debt than we can handle.

Back

Budgets are a “one size fits all” plan for financial security.

Front

Creating a workable and effective budget begins by identifying fixed and variable income, as well as fixed and variable expenses. Which of the following would be considered a fixed expenditure? rent or house payment, gasoline and automobile repairs, clothing and shoes, entertainment and donations

Back

rent or house payment

Front

One of your monthly expenses should be paying yourself by putting part of your income into ____, no matter how small that amount, because it will help you make unplanned or emergency purchases without incurring debt.

Back

savings

Front

Having short-term, medium-term, and long-term goals can help you reach different milestones on the path to achieving the life you want to have, as well as financial security. Which of the following would be considered a long-term goal for which a person might save their income over time? taking a vacation, purchasing a homa, going to the movies, graduating from high school

Back

purchasing a homa