Personal Finance Unit 3 Financial Planning Quiz Review

How might taxes have an impact on your financial plan?

• Taxes control the rate of inflation

• Taxes control how much of your income you keep

• Taxes don't apply to money you add to your financial reserve

• Taxes impact how high interest rates are

Which of the following will affect the amount of net pay you earn on your paycheck?

• Rent expense

• Car insurance

• House payment

• State income tax

What is a tax bracket?

• The rate of sales tax in a state

• The rate at which income is taxed

• The way the government calculates tax returns

• A comparison between Federal and State taxes

What is a Financial Reserve?

• A plan for what you'll do with your money

• An amount of money that's been set aside for short-term goals

• An amount of money that's been set aside for emergencies

• A way of organizing finances to set and meet goals

Which of the following is a variable expense?

• Netflix subscription

• Groceries

• Rent on an apartment

• Car payment

What tax applies to investments and other personal property?

• Sales tax

• Excise tax

• IRS tax

• Capital gains tax

What does a person's will list?

• What should happen to their finances after they die

• What their plan for retirement is

• What types of insurance they have

• What their current financial goals are

What is financial responsibility?

• Paying for video games and entertainment with cash

• Making sure you get a pay stub with your paycheck

• Being responsible about the way you spend your money

• Going to dinner with your parents and offering to pay

The size of an iPod would be what aspect of the product?

• Asset

• Benefit

• Feature

• Quality

Which of the following is an unexpected expense?

• Utility bill

• Groceries each month

• Car repairs

• Phone bill